Daily Newsletter: Springtime for Builders if not Sales

Existing home sales slowed in February and the National Association of Realtors® (NAR) said the recent rise in interest rates may have already knocked some buyers out of the market. Home builders, however, revved up their production as the spring market neared. NAR said sales of pre-owned single-family homes, townhouses, condos and coop apartments were at a seasonally adjusted annual rate of 6.02 million units, a decline of 7.2 percent from January and 2.4 percent below the rate a year earlier. Single-family sales fell 7.0 percent to a 5.35 million annual rate and condo sales plunged 9.5 percent. Sales of the two subsets of housing were down 2.2 and 4.3 percent respectively from the prior February. [existinghomesdata] The median existing-home price for all housing types sold in February was $357,300, a 15.0 percent markup from February 2021. The median price for a single-family home rose 15.5 percent to $363,800 and condos sold at a median of $305,400, a 10.9 percent gain. February brought the unbroken streak of appreciation to 120 months, the longest in NAR’s records. “Housing affordability continues to be a major challenge, as buyers are getting a double whammy : rising mortgage rates and sustained price increases,” said Lawrence Yun, NAR’s chief economist. “Some who had previously qualified at a 3 percent mortgage rate are no longer able to buy at the 4 percent rate.” “Monthly payments have risen by 28% from one year ago,” Yun continued, “which interestingly is not a part of the consumer price index – and the market remains swift with multiple offers still being recorded on most properties.”

March 18, 2022 Download our Mobile App: Download our Mobile App: Housing News Springtime for Builders if not Sales Existing home sales slowed in February and the National Association of Realtors® (NAR) said the recent rise in interest rates may have already knocked some buyers out of the market. Home builders, however, revved up their production as the spring m... (read more) Mortgage Rate Watch Highest Mortgage Rates in 3 Years After Fed Hikes, But Is There a Connection? Mortgage rates are based on movement in the bond market, and as of the middle of this week, bonds had lost a good amount of ground every day for 8 straight days. With that, the average 30yr fixed rate officially hit its highest level in 3 yea... (read more) MBS Commentary MBS Live Recap: Another Shot at Consolidation. Is This Time Different? Another Shot at Consolidation. Is This Time Different? Last Friday had a fairly classic "leveling-off" vibe to it with respect to interest rates. It was the only day of the week that 10yr yields made po... (read more) Rob Chrisman TPO Products, CRM, Accounting Products; Primer on the Capital Markets Job When did pineapples in shopping carts become a thing (more below)? But I digress… This morning I head to Miami, because isn’t there where most rap videos are filmed? Remember when there were one-hour LO-sponsored happy hours for new borrowers, friend... (read more) Mortgage Rates Highest Mortgage Rates in 3 Years After Fed Hikes, But Is There a Connection? 30 Yr. Fixed Rate 4.46% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 4.46% -0.04 0.40 15 Yr. Fixed 3.84% -0.04 0.40 30 Yr. FHA 4.00% 0.00 0.00 30 Yr. Jumbo 3.95% 0.00 0.00 5/1 ARM 3.82% 0.00 1.00 Updates Daily - Last Update: 3/18 15 Yr. Fixed Rate 3.84% -0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 4.16% +0.31 0.80 15 Yr. Fixed 3.39% +0.30 0.80 5/1 Yr. ARM 3.19% +0.22 0.20 Updates Weekly - Last Update: 3/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 4.27% +0.18 0.54 15 Yr. Fixed 3.55% +0.16 0.46 30 Yr. Jumbo 4.02% +0.23 0.37 Updates Weekly - Last Update: 3/16 MBS / Treasuries MBS Live Recap: Another Shot at Consolidation. Is This Time Different? UMBS 30YR 3.5 101.05 +0.09 Price / Yield Change MBS UMBS 3.5 101.05 +0.09 UMBS 4.0 103.06 +0.17 GNMA 3.5 101.45 -0.27 GNMA 4.0 102.88 -0.28 Pricing as of: 3/18 5:21PM EST 10 Year US Treasury 2.1548 -0.0122 Price / Yield Change US Treasury 2 YR Treasury 1.944 +0.029 5 YR Treasury 2.146 +0.004 7 YR Treasury 2.182 -0.006 10 YR Treasury 2.155 -0.012 30 YR Treasury 2.424 -0.037 Pricing as of: 3/18 5:21PM EST Latest Video Half-point rate hikes could be needed because of 'raging' inflation, says F... 30-year fixed mortgage hits 4.5% The 9am Bond Report - March 18, 2022 The 2pm Bond Report - March 18, 2022 Around the Web CNBC Home sales fell far more than expected in February, as mortgage rates rose and supply remained tight CNBC Fed Governor Waller says half-point rate hikes could be needed to tame inflation Calculated Risk Blog Q1 GDP Forecasts: Around 1% Calculated Risk Blog Lawler: Early Read on Existing Home Sales in February Brookings Inst. Housing finance reform: The path forward gets rolling CNBC St. Louis Fed's Bullard says the central bank should raise rates above 3% this year Calculated Risk Blog Housing Starts Increased to 1.769 million Annual Rate in February Redfin Homebuyer Competition Ticked Up in February, Hitting Record High cnbc Bank of England hikes rates again, adopts dovish tone as Ukraine war adds to inflation concerns CNBC Treasury yields ebb as investors digest Fed rate hike CNBC Weekly jobless claims total 214,000, better than expected for tight labor market Fannie Mae Fed Raises Rates for First Time Since 2018 as Housing Shows Early Signs of Slowing Calculated Risk Blog Hotels: Occupancy Rate Down 10% Compared to Same Week in 2019

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