Housing Market Update: Mortgage Rates Surge Past 7.1% For First Time Since November; Some Buyers Back Off While Others Lower Budget

Pending home sales fell 17% from a year earlier, the biggest decline since January, as mortgage rates jumped and sent monthly payments to a new high. Buyers with lower budgets are priced out in many places, but Redfin agents report many serious buyers are used to rates in the 6% range and remain in the market.