Redfin Reports Homebuying Demand Slows As Mortgage Rates Hit Highest Level in a Year

In Seattle, U.S. pending home sales have reached their lowest point since early April, seeing a 1.7% decrease just in the last week ending July 26. This data comes from a recent report by Redfin, a real estate brokerage partnered with Rocket. Home listing tours have gone up by 15% since the beginning of the year, a drastic drop from the 31% increase seen last year at this time, according to ShowingTime. The decrease in demand for home purchases can be attributed in part to the increase in mortgage rates.