In Seattle, U.S. pending home sales recently dropped by 1.3% week over week, reaching their lowest point in three months by the end of the four weeks leading up to July 19. This information stems from a fresh report by Redfin, the real estate brokerage fueled by Rocket. This decline in homebuying interest coincides with a surge in weekly average mortgage rates, which have spiked to an 11-month high of 6.55%. Moreover, home prices remain notably high, hovering approximately $900 below their record peak. The volatile U.S. economy, marked by a resurgence in various sectors, has contributed to this fluctuation.