The National Association of Realtors said Wednesday that its index of pending sales sank to 104.6 from 109.8 in December. Pending sales are a barometer of future purchases. Last week, mortgage buyer Freddie Mac said that the average rate on 30-year fixed-rate mortgages rose to 4.40 per cent. The number of signed contracts fell in every region, including a 9 per cent drop in the Northeast and a 6.6 per cent decline in the Midwest. Pending sales fell by 3.9 per cent in the South and 1.2 per cent in the West.

Source: National Post February 28, 2018 15:05 UTC