The number of homes going under contract in the U.S. fell more than expected in September as fast-rising mortgage rates locked out potential home buyers. Here are the main takeaways from the National Association of Realtors' report.

--The pending home sales index, a leading indicator of house sales based on contract signings, fell 7.3% in September to 66. This was the lowest reading ever recorded in the history of the pending home sales index, which began in 2001, said Nadia Evangelou, principal economist for NAR.

--Economists polled by The Wall Street Journal had forecast a 0.4% decline.

--"Market conditions weakened in September due to fast-rising mortgage rates," said NAR Chief Economist Dr. Lawrence Yun. "Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates."

-The West had the largest decrease, falling 9.2% month-over-month. Over the month, pending home sales fell 8.2% in the South region, 6.5% in the Midwest region and 4.2% in the Northeast.

-On the year, pending home sales fell 11.3%, the NAR said.

-"Given that mortgage rates have already risen much more than the Federal Reserve's short-term interest rate hikes, mortgage rates could be topping out," Yun added.