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Record price cuts hit 20.8% of listings in September, but rising mortgage rates are keeping buyers on the sidelines as pending sales fall 4.1%.
Mortgage rates climbed to 7.28%, the highest in nearly three years, according to Freddie Mac. The 15-year rate also rose to 6.6%. Economists warn the increase adds over $200 to monthly payments on a median-priced home, urging buyers to rate-proof their budgets.
Oct 1 (Reuters) - The interest rate on the most common US home loan shot up by a quarter percentage point this week to the highest in almost three years on the back of surging government bond yields, dealing another setback to would-be home buyers. T...