Pending home sales rallied in October after a significant slump the month before, as the housing market kept churning along on one of its strongest years in recent memory.

The number of contract signings in October rose 7.5 percent after slipping in September, resting a bit below where they were the same time last year, according to the latest report from the National Association of Realtors. The previous month, pending sales had declined by 2.3 percent.

Buyers in October may have been spurred to act by multiple factors, including rents that are increasing quickly throughout the country, and mortgage rates that are widely expected to rise from this point forward.

The Federal Housing Finance Agency updated the loan limits for Freddie Mac and Fannie Mae-backed mortgages. In most parts of the country, the limit will jump from $548,250 this year to $625,000 in 2022. The higher limits will give buyers who face higher-priced homes the opportunity to qualify for a conforming mortgage, which provides for lower down payments and better mortgage rates, among other benefits.

Call us at (480) 205- 2234 to assist you with all your mortgage needs, be it a purchase or refinance.