Kyle Cutwright

US pending home sales edged up <1% in Mid-Q3, beating forecasts even as borrowing costs reached a >1-yr high and the index hit 71.2.
Even with that MoM gain, nationwide contract signings stayed ~5% below yearly levels, showing current activity remained softer than the same period a year earlier.
An economist said buyers kept entering contracts in Mid-Q3 despite rising mortgage costs, showing ongoing demand even while the overall housing market remained sluggish.
Higher mortgage rates offset stronger buying power from job gains and income growth that outpaced home price growth, helping explain why signings stayed subdued.
Broader conditions stayed challenging: national contract signings were still ~30% below pre-pandemic norms, and the 2021 peak from near-3% mortgages has not returned.

Pending Sales Rise 0.3% Despite Rates

Across the US, 30-yr fixed refinance rates sat in the mid-7% range recently, while 15-yr options stayed in the low-6% range nationally.
Other refinance options also moved up recently: 20-yr fixed rates were near 7%, 30-yr jumbo refis reached the mid-7% range, and 15-yr jumbo stayed low-6%.
Per $100K borrowed, monthly principal and interest ranged from ~$675 on 30-yr refis to ~$860 on 15-yr refis, with shorter terms cutting lifetime interest.
Refinance loans typically cost slightly more than purchase loans on 30-yr terms, and borrowers may lower costs by paying closing fees upfront or buying points.
Before refinancing, compare your current rate, balance, and term with new offers, and shop lenders carefully on closing costs, timing, and communication.