Pending home sales failed to add a third month onto the mini rally it staged in June and July. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI) declined 7.1 percent to 71.8 in August and is now down 18.7 percent from its August 2022 level. The PHSI ended a three-month decline in June, rising 0.3 percent followed by a 0.9 percent increase in July. [pendinghomesdata] The PHSI is based on contracts signed during the month to purchase existing single-family houses, condos, and cooperative apartments. It is a leading indicator of those sales which are expected to close over the following 30 to 60 days. NAR will report September's existing sales on October 19. “Mortgage rates have been rising above 7 percent since August, which has diminished the pool of home buyers,” said Lawrence Yun, NAR chief economist. “Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.” “It’s clear that increased housing inventory and better interest rates are essential to revive the housing market ,” added Yun. The index in all four of the nation’s major regions declined compared to both July and to the prior August. The Northeast PHSI was down 0.9 percent to 62.6 and was 18.2 percent lower on an annual basis. The index for the Midwest lost 7.0 percent and 19.1 percent compared to the two earlier periods to a reading of 71.3.
| MBS Commentary | | Bonds Bounce Despite Stronger Data | | Bonds Bounce Despite Stronger Data Bonds lost ground overnight and logically added to the losses after the morning's Jobless Claims data. Dovish comments from Fed's Goolsbee helped push back in the othe... (read more) |
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| Mortgage Rate Watch | | Small Reprieve in Rate Rout | | The past few days have seen rates surge to new multi-decade highs with the average lender quoting 7.6+ for top tier conventional 30yr fixed scenarios. Not too much has changed today apart from the direction of the movement and the fact that modest ga... (read more) |
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| 30 Yr. Fixed Rate | | 7.60% -0.05% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 7.60% | -0.05 | 0.00 | | 15 Yr. Fixed | 6.89% | -0.04 | 0.00 | | 30 Yr. FHA | 7.05% | -0.05 | 0.00 | | 30 Yr. Jumbo | 7.60% | 0.00 | 0.00 | | 5/1 ARM | 7.08% | -0.01 | 0.00 | | 30 Yr. VA | 7.06% | -0.06 | 0.00 | | Updates Daily - Last Update: 9/28 |
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| 15 Yr. Fixed Rate | | 6.89% -0.04% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 7.31% | +0.12 | 0.00 | | 15 Yr. Fixed | 6.72% | +0.18 | 0.00 | | Updates Weekly - Last Update: 9/28 |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 7.41% | +0.10 | 0.71 | | 15 Yr. Fixed | 6.73% | +0.11 | 1.17 | | 30 Yr. Jumbo | 7.34% | +0.02 | 0.78 | | Updates Weekly - Last Update: 9/27 |
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| Price / Yield | Change |
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| MBS | | UMBS 6.0 | 98.72 | +0.31 | | GNMA 6.0 | 99.08 | +0.28 | | Pricing as of: 9/28 5:31PM EST |
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| 10 Year US Treasury | | 4.5770 -0.0300 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 5.062 | -0.075 | | 5 YR Treasury | 4.627 | -0.058 | | 7 YR Treasury | 4.639 | -0.045 | | 10 YR Treasury | 4.577 | -0.030 | | 30 YR Treasury | 4.706 | -0.011 | | Pricing as of: 9/28 5:31PM EST |
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