Pending home sales surged last month, far exceeding analysts’ expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose 8.3 percent compared to November. December’s PHSI reading of 77.3 was 1.3 percent higher than a year earlier. The PHSI is based on the number of contracts to purchase single-family homes, townhomes, condominiums, and cooperative apartments. It is viewed as a leading indicator of home sales over the ensuing few months. NAR will publish its report on January’s existing home sales on February 22. Analysts polled by Econoday had forecast an increase in the PHSI of 1.3 percent. Perhaps because the PHSI posted no change from October to November, the estimates were unusually broad, ranging from an increase of 0.7 percent to 3.9 percent. Trading Economics was slightly closer to the mark with a consensus forecast of 1.5 percent. “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.” Except for the Northeast, regional returns were mostly positive. The PHSI in the Northeast dropped 3.0 percent from last month to 62.3, an annual decline of 3.9 percent. The Midwest index rose 5.6 percent to 80.5, up 4.3 percent from one year ago.
| Housing News | | Contract Activity Suggests Uptick in Spring Home Sales | | Pending home sales surged last month, far exceeding analysts’ expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose 8.3 percent compared to November. December’s PHSI reading of 77.3 was 1.3 percent hi... (read more) |
|
| Mortgage Rate Watch | | What's At Stake With The Upcoming Fed Meeting? | | Over the past 2 months, speculation ramped up quickly regarding the pace and magnitude of Fed rate cuts in 2024. Next week brings the first Fed meeting that's in the realm of that speculation. Some pundits went so far as to mention a chance of a rat... (read more) |
|
| MBS Commentary | | Uneventful Week. How About The Next One? | | Uneventful Week. How About The Next One? Sure... rates moved a bit higher this week as the bond market continued the process of a modest correction against the Nov/Dec exuberance. But Nov/Dec was just ... (read more) |
|
|
| 30 Yr. Fixed Rate | | 6.90% +0.00% |
|
| Rate | Change | Points |
|---|
| Mortgage News Daily | | 30 Yr. Fixed | 6.90% | 0.00 | 0.00 | | 15 Yr. Fixed | 6.31% | +0.02 | 0.00 | | 30 Yr. FHA | 6.20% | 0.00 | 0.00 | | 30 Yr. Jumbo | 7.26% | +0.01 | 0.00 | | 5/1 ARM | 6.32% | +0.02 | 0.00 | | 30 Yr. VA | 6.25% | +0.05 | 0.00 | | Updates Daily - Last Update: 1/26 |
|
|
| 15 Yr. Fixed Rate | | 6.31% +0.02% |
|
| Rate | Change | Points |
|---|
| Freddie Mac | | 30 Yr. Fixed | 6.69% | +0.09 | 0.00 | | 15 Yr. Fixed | 5.96% | +0.20 | 0.00 | | Updates Weekly - Last Update: 1/25 |
| Rate | Change | Points |
|---|
| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.78% | +0.03 | 0.63 | | 15 Yr. Fixed | 6.31% | +0.07 | 0.59 | | 30 Yr. Jumbo | 6.94% | +0.08 | 0.46 | | Updates Weekly - Last Update: 1/24 |
|
|
|
| Price / Yield | Change |
|---|
| MBS | | UMBS 5.5 | 99.78 | -0.08 | | UMBS 6.0 | 101.08 | -0.02 | | GNMA 5.5 | 100.23 | -0.11 | | GNMA 6.0 | 101.28 | +0.02 | | Pricing as of: 1/26 5:31PM EST |
|
|
| 10 Year US Treasury | | 4.1430 +0.0230 |
|
| Price / Yield | Change |
|---|
| US Treasury | | 2 YR Treasury | 4.357 | +0.060 | | 5 YR Treasury | 4.042 | +0.040 | | 7 YR Treasury | 4.104 | +0.028 | | 10 YR Treasury | 4.143 | +0.023 | | 30 YR Treasury | 4.373 | +0.003 | | Pricing as of: 1/26 5:31PM EST |
|
|
|
|
|
