Existing home sales in February fell a much wider than expected 7.2% month to month.

Sales of previously owned homes fell 7.2% month to month in February to a seasonally adjusted annualized rate of 6.02 million units, according to the National Association of Realtors.

That significantly missed analysts’ expectations of 6.13 million units. Sales were 2.4% lower compared with the same month a year ago. Rising mortgage rates likely played a role in the underwhelming numbers.

The sales count is based on closings, which means the homes likely went under sale contract in December and January. This is important to note, as mortgage rates were relatively low in December, with the average rate on the popular 30-year fixed loan hovering around 3.25%, according to Mortgage News Daily. But that rate then began to rise steadily in January, reaching 3.68% by the end of the month. The rate is now considerably higher at 4.5%.

“It will be very interesting to observe what’s going to happen in the coming months as mortgage rates make a much more meaningful jump,” said Lawrence Yun, chief economist for the Realtors.