US pending home sales fell 7.7% in April to a four-year low due to rising mortgage rates, NAR reports.

Pending home sales in the US fell by 7.7% in April, reaching a four-year low, due to rising mortgage rates, according to the National Association of Realtors (NAR). All four U.S. regions experienced a decline in pending home sales, and NAR's chief economist, Lawrence Yun, expects that the Federal Reserve's anticipated rate cut later this year will improve affordability and increase supply.