Existing Home Sales Update: Still Bad

Housing was chugging right along in early 2020, then covid happened. Housing experienced lots of unexpected volatility with the most important development being a huge increase in demand and prices... at first. Once rates began skyrocketing (relatively) and the frenzy began to subside, home sales numbers tanked to the weakest levels since the Great Financial Crisis by the end of 2022. They've been drifting and bouncing around near those same levels ever since. Bigger picture for context: In other words, this data series isn't worth too much discussion until it exits this holding pattern. For those determined to pick out potentially interesting anecdotes, feel free to sort through the following: Prices rose 3.0% year over year. It's the 15th straight month of increases Inventory has been growing faster than sales have been falling First time buyers accounted for 26% of total, matching the all-time low, but not a crazy drop from 2023's average of 32% All cash sales accounted for 30%, up from 26% last month.

October 23, 2024 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales Update: Still Bad Housing was chugging right along in early 2020, then covid happened. Housing experienced lots of unexpected volatility with the most important development being a huge increase in demand and prices... at first. Once rates began skyrocketing (r... (read more) Housing News Mortgage Apps Aren't Crashing. They're Just Being Logical The Mortgage Bankers Association (MBA) keeps track of applications for purchase and refi mortgages every week. Purchase apps are slower moving, less responsive to rates, and generally bouncing along the lowest levels in more than 20 years since... (read more) Mortgage Rate Watch Mortgage Rates Tick Up to Another Multi-Month High Mortgage rates have been moving two directions recently and both of them are "up." Only the pace changes. Today's pace was modest to moderate, but because we were already at the highest levels since late July, the same is obviously true f... (read more) MBS Commentary Important Reminder About How Bad Things Could Get For those of you who already feel like you fully understand the message in Tuesday's recap, the next few days and weeks might get a little repetitive, but the gravity of the message bears repeating. There are two distinct categories of motivati... (read more) Rob Chrisman Marketing, Audit, Workflow, CRM Products; STRATMOR on Home Equity; Conventional/Conforming News “The coast is clear,” and today I head to the Palm Beach Mortgage Professionals Expo hosted by FAMP’s Broward-Gold Coast Chapter. Legal issues will be one topic of focus, and today’s Lender’s One call features Ari Karen of Mitchell Sandler. Florida h... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.92% +0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.92% +0.07 0.00 15 Yr. Fixed 6.38% +0.10 0.00 30 Yr. FHA 6.38% +0.11 0.00 30 Yr. Jumbo 7.00% +0.05 0.00 7/6 SOFR ARM 6.78% -0.02 0.00 30 Yr. VA 6.40% +0.10 0.00 Updates Daily - Last Update: 10/23 15 Yr. Fixed Rate 6.38% +0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 6.44% +0.12 0.00 15 Yr. Fixed 5.63% +0.22 0.00 Updates Weekly - Last Update: 10/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.13% -0.03 0.57 15 Yr. Fixed 5.47% +0.05 0.52 30 Yr. Jumbo 6.47% +0.06 0.50 Updates Weekly - Last Update: 9/25 MBS / Treasuries UMBS 30YR 5.5 99.36 -0.22 Price / Yield Change MBS UMBS 5.5 99.36 -0.22 UMBS 6.0 100.91 -0.21 GNMA 5.5 99.68 -0.22 GNMA 6.0 100.79 -0.12 Pricing as of: 10/23 5:31PM EST 10 Year US Treasury 4.2396 +0.0295 Price / Yield Change US Treasury 2 YR Treasury 4.078 +0.043 5 YR Treasury 4.051 +0.040 7 YR Treasury 4.141 +0.037 10 YR Treasury 4.240 +0.030 30 YR Treasury 4.514 +0.015 Pricing as of: 10/23 5:31PM EST Latest Video Fed thinks 50 bps cut was a mistake and more easing is unlikely, says MetLi... Surge in mortgage rates equivalent of a 6% increase in home payment prices,... Existing home sales fall 1% in September to the lowest level since 2010 Former Kansas City Fed Pres. Esther George: The Fed has to follow through o... Around the Web CNBC September home sales drop to the lowest level since 2010 Marketwatch 10-year Treasury yield rising on potential 'red wave' election result that pushes up yields Calculated Risk Blog Fed's Beige Book: "Economic activity was little changed" CNBC The IRS unveils higher capital gains tax brackets for 2025 Marketwatch 10-year Treasury yield close to three-month peak as U.S. deficit concerns linger Eye on Housing Housing Cost Burdens Across Congressional Districts Calculated Risk Blog MBA: Mortgage Applications Decreased in Weekly Survey CNBC U.S., China trade tariffs escalating would be 'costly for everybody,' IMF deputy director says CNBC 10-year Treasury yield rises slightly further, putting pressure on stocks Calculated Risk Blog California Home Sales Up 5% SA YoY in September CNBC IMF says global fight against inflation is 'almost won' but warns of rising risks Calculated Risk Blog Retail: October Seasonal Hiring vs. Holiday Retail Sales CNBC U.S. crude oil prices rise nearly 1%, extend gains to above $71 per barrel

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