Home contract signings increased by 1.9% in October, driven by lower mortgage rates despite the government shutdown. Pending home sales rose in all regions except the West, with the Midwest seeing a 5.3% jump. Mortgage rates hit a year low of 6.17% but have since slightly risen. Contract signings are down 0.4% from last year. Buyers faced uncertainties due to the government shutdown, affecting some loan programs and delaying closings. Pending home data serves as a leading indicator of future sales activity.

Read more at Yahoo Finance: Homebuyers seized on lower mortgage rates as contract activity jumped in October