According to real estate brokerage Redfin, pending home sales in the US fell 4% month-over-month in September, the largest single-month drop in over three years, reaching their lowest point since 2014. Meanwhile, Freddie Mac data shows that the average rate for a 30-year fixed mortgage rose to 7.4% on October 8, the highest level in nearly three years. Daryl Fairweather, Redfin's Chief Economist, stated that a significant shift has occurred in real estate sentiment, with rising interest rates leading to decreased homebuying affordability and an inevitable decline in sales volume. Additionally, nearly one-fifth of sellers reduced their asking prices in September, and the home purchase contract cancellation rate rose to 14.5%, the highest level since the agency began tracking it.