Sharp Drop in Pending contracts

Well, the Federal Reserve has continued its policy of tightening its grip on the economy, trying to slow down the inflation rate… Last week they raised interest rates again, on the heels of a stronger than expected employment report, increasing the popular 30 year mortgage rate up to 7.22%....this is the highest its been since November!  

As a result, the number of pending contracts dropped sharply again over the last two weeks, following the trend of these decrease in pending contracts week over week for the past 10 weeks.