Some 16.31% of pending sales went south, marking a bump from the 14.9% clocked in December 2024. Markets in Dallas and Fort Worth saw even greater shares of pending home sales fall through, logging 18.1% and 18.9%, respectively. Two other notable spikes in canceled home purchase agreements tracked with surging mortgage rates, with one in October 2022 (15.99%) and October 2023 (15.75%). Mortgage rates have been on a pretty steady downward trajectory over the last year. Mortgage rates aren’t directly tied to the central bank’s benchmark, but they do tend to head in the same direction, with the Fed setting expectations for investors.