Housing News, Week of Nov. 2, 2026: Pending Home Sales Fall as Rates Stay High. What a Wait-and-See Market Means for You
What You’ll Learn
- What NAR reported about September pending home sales, nationally and by region
- What NAR's chief economist said about mortgage rates and buyers holding back
- Where Freddie Mac's weekly rate average stood in late October, as reported by Yahoo Finance
- What a slower, wait-and-see market can mean if you're buying, selling or already own
- What's still unclear, including how rate forecasts may hold up
News · Week of Nov. 2, 2026. This article covers news as it was reported the week it was published. Figures and forecasts may change.
Two reports from late October point to a market where many buyers and sellers appear to be waiting. NAR, the national real estate trade association, reported that pending home sales fell in September. Freddie Mac's weekly survey, as reported by Yahoo Finance, showed the average 30-year fixed mortgage rate dipping slightly but staying well above where it was a year ago.
Here is what was reported, what the people behind the numbers said, and what a slower, wait-and-see market can mean if you're buying, selling or already own a home.
Pending Home Sales Fell in September, According to NAR
Pending home sales track contracts that have been signed but not yet closed. They are often watched as an early signal of where completed sales may head in the following months.
In a news release on Oct. 20, 2026, NAR reported that September pending home sales fell 7.3% from August and 11.3% from September 2025.
NAR reported declines in every region from August to September:
- Northeast: down 4.2%
- Midwest: down 6.5%
- South: down 8.2%
- West: down 9.2%
All four regions were also down from a year earlier, according to NAR. The West had the largest year-over-year drop, at 15.0%.
What NAR's chief economist said
Lawrence Yun, NAR's chief economist, tied the drop to borrowing costs. "Market conditions weakened in September due to fast-rising mortgage rates," he said in the release.
Yun also said buyers and sellers "may simply be holding back until mortgage rates move favorably." He said affordability is affected more by mortgage rates than by job and income growth. And he said rates may be peaking, while noting that energy prices and inflation remain uncertain.
Mortgage Rates Dipped Slightly Last Week, per Freddie Mac
Yahoo Finance reported on Oct. 30, 2026 that the average 30-year fixed rate in Freddie Mac's weekly survey was 7.24%. That was down from 7.32% a week earlier and up from 6.17% a year earlier.
Yahoo Finance also reported that the Federal Reserve held its benchmark rate steady at its late-October meeting. The Fed's benchmark rate is not the same as a mortgage rate, and mortgage rates don't move in lockstep with it.
What forecasters expect
According to Yahoo Finance, the Mortgage Bankers Association (MBA) expects the 30-year fixed rate to average 7.3% for the rest of 2026, and Fannie Mae expects 7.4% through year-end. These are forecasts from those organizations, not certainties, and forecasts are often revised. Advice4Homeownership doesn't make rate predictions.
Survey averages are a snapshot. The rate any one borrower is offered depends on credit, down payment, loan type, points and the lender. All loans are subject to credit approval and qualification.
The A4H Take: What a Wait-and-See Market Can Mean for You
When fewer contracts are being signed, the market can feel quieter. That doesn't mean anyone has to act, or wait. It can change the conditions around a decision, though. Here is how that may look depending on where you are.
If you're buying
Fewer buyers signing contracts can mean less competition on some homes. When listings sit longer, sellers may be more open to questions about price, repairs, closing costs or timing. Nothing about that is guaranteed, and conditions vary a lot by area and price range. The guide to negotiating when homes sit longer covers what buyers can reasonably ask for. If you're financing, a licensed loan officer can show you what today's rates mean for your own budget.
If you're selling
In a slower market, pricing tends to matter more. Homes priced in line with recent comparable sales may draw more attention than homes priced on hope. Some sellers also choose to offer concessions, such as help with a buyer's closing costs, rather than a lower list price. The explainers on when and how to lower your asking price and when seller concessions can help walk through both approaches.
If you already own
If you aren't planning to move or refinance, headlines about pending sales and weekly rate changes generally don't change anything about your loan. A fixed-rate mortgage keeps the same rate whatever the weekly averages do. The explainer on what actually changes on your loan when rates move sorts out what does and doesn't apply to you.
What's Still Unclear
- Whether rates have peaked. Yun said rates may be peaking, but he also pointed to uncertainty around energy prices and inflation. No one can say where rates will go.
- How long buyers and sellers will hold back. NAR's numbers show what happened in September. They don't show what people will decide in the months ahead.
- How forecasts will hold up. The MBA and Fannie Mae forecasts reported by Yahoo Finance differ from each other, and forecasts are often revised as new data arrives.
- What it means locally. National and regional figures can look very different from what's happening in a single town or price range.
Also in the News: Insurance Premiums vs. Property Taxes
Claims Journal reported on Oct. 20, 2026 on a Bloomberg Intelligence analysis comparing home insurance and property taxes. The analysis found that average home insurance premiums exceed average property-tax bills in about two-thirds of U.S. counties. In Southeastern states, premiums can be 2.5 to 4 times the property-tax levy, according to the analysis.
For buyers, that's a reminder to get insurance quotes early, not just a tax estimate. For owners, a licensed insurance agent can explain what drives your premium at renewal. Coverage and costs vary by policy, carrier and state.
Frequently Asked Questions
What are pending home sales?
Pending home sales count homes that are under a signed contract but haven't closed yet. Because closing usually comes later, pending sales are often watched as an early sign of where completed sales may go.
Did mortgage rates go up or down last week?
Slightly down. Yahoo Finance reported that Freddie Mac's 30-year fixed average was 7.24%, down from 7.32% the week before. It was still up from 6.17% a year earlier.
Does the Fed holding rates steady change my mortgage?
Not directly. The Fed's benchmark rate isn't a mortgage rate. If you have a fixed-rate loan, your rate doesn't change. If you have an adjustable-rate loan, your loan documents and servicer can tell you how and when it adjusts.
Should I wait for lower rates before buying or selling?
That depends on your situation, and no one can say when or whether rates will fall. A licensed loan officer can walk you through numbers available today, and a local real estate agent can share what's happening in your area.
The Bottom Line
NAR reported that pending home sales fell in September in every region, and its chief economist pointed to rising mortgage rates. Freddie Mac's weekly average dipped slightly in late October but stayed well above a year earlier, as reported by Yahoo Finance. A slower market can shift the conditions for buyers, sellers and owners, but it doesn't call for a rushed decision either way. Start with your own goals, budget and timeline.
This article summarizes news reports from the week of Nov. 2, 2026 and is general information, not legal, lending, insurance or financial advice. Rates, figures and forecasts may change. All loans are subject to credit approval and qualification. Talk with a licensed loan officer about your situation, and a licensed insurance agent about coverage. Advice4Homeownership is a publisher, not a lender or an insurance company or agency.
Sources: NAR, "Pending Home Sales Decreased 7.3% in September" (news release, Oct. 20, 2026); Yahoo Finance, "Mortgage and refinance interest rates today, Friday, October 30, 2026: Rates move lower after Fed holds rates steady" (Oct. 30, 2026), reporting Freddie Mac survey data and MBA and Fannie Mae forecasts; Claims Journal, "Home Insurance Tops Property Taxes in Squeeze for US Households" (Oct. 20, 2026), reporting on a Bloomberg Intelligence analysis.
