U.S. pending home sales rose sharply in October, beating forecasts and reversing a September decline as prospective homebuyers sought to lock in sales before an anticipated rise in mortgage rates and fast-rising rents, according to the National Association of Realtors (NAR). The association’s Pending Home Sales Index (PHSI), which is based on contract signings and serves as a forward-looking indicator of future home sales, vaulted to a reading of 125.2 in October, a 7.5 percent increase compared to September, when the index fell 2.3 percent from the prior month. Consensus forecasts cited by FXStreet expected October’s index to rise by a far more modest 1.0 percent. Lawrence Yun, NAR’s chief economist, said in a statement that expectations for mortgage rates to rise were a likely factor pushing up the rate of contract signings. “Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing …