U.S. mortgage rates surge to 7.4%, dealing a heavy blow to the housing market; September pending home sales post the largest drop in over three years, falling to the lowest level since 2014.

Zhito Finance APP has learned that as U.S. mortgage rates have once again exceeded 7%, the U.S. real estate market is suffering a severe impact. The latest data from real estate brokerage Redfin shows that in September, U.S. pending home sales plunged 4% month over month, the largest drop in more than three years, and fell to one of the lowest levels in nearly 12 years. At the same time, the supply of homes for sale climbed to its highest level since March 2020, reflecting that high interest rates are continuing to weaken homebuying demand and intensifying downward pressure on the U.S. real estate market.