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Story summary
- Mortgage rates stay above 7% limiting home purchases.
- Pending home sales fell 7.3%, the lowest since 2001.
- Purchase applications dropped 18% year-over-year, according to Mortgage Bankers Association (MBA) deputy chief economist Joel Kan.
- Fannie Mae raised its 2027 mortgage-rate forecast to 7.5% and cut loan-volume outlook by nearly 20%.
- Rising mortgage costs push more renters into the market, creating pressure on rental prices into 2027.