The US pending home sales index rebounded 1.8% last month to 72.1, according to the National Association of Realtors. This was an unexpected rebound from economists' predictions of a fall of 0.5%. Contracts increased in the West, the South and Midwest, but fell in the Northeast. However, mortgage rates have increased recently due to the U.S.-Israeli war and increased oil prices. The rise in pending contracts could reverse if higher oil prices lead to an increase in mortgage rates. The housing affordability issue is a key political issue ahead of the November midterm elections.