Pending home sales drop to lowest level in 9 months

Pending home sales drop to lowest level in 9 months

The number of U.S. pending home sales fell in September to its lowest level in nine months, due to higher mortgage rates and home prices.

Mortgage rates reached a two-year high in August and remained elevated in September. But they have fallen in the past month, which could help boost contract signings in October. The average rate for a 30-year mortgage was 4.13 percent last week, according to mortgage buyer Freddie Mac.

Home prices, meanwhile, jumped 12.4 percent in August compared with a year earlier, according to real estate data provider CoreLogic. That's near the fastest pace in seven years.

Read more at OregonLive.com.