Pending Sales Take Fourth Monthly Hit

Friday’s pending home sales report was the hat trick; all three home sales measures declined last month . While new and existing home sales have had their ups and downs in recent months, February was the fourth consecutive month that the National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI) has lost ground. The Index, based on purchase contracts for existing single-family houses, townhomes, condos, and cooperative apartments, declined from 109.4 in January to 104.9, a -4.1 percent change. It is now 5.4 percent lower than in February 2021. [pendinghomesdata] Analysts had expected a rebound after what Econoday called “three straight sharp and unexpected declines” that have taken the index down from last October’s 125.2 reading. The consensus of analysts polled by Econoday was an increase of 0.9 percent. “Pending transactions diminished in February mainly due to the low number of homes for sale,” said Lawrence Yun, NAR’s chief economist. “Buyer demand is still intense, but it’s as simple as ‘ one cannot buy what is not for sale .’ It is still an extremely competitive market, but fast-changing conditions regarding affordability are ahead,” Yun said, referring to prices that are still climbing and today’s rising interest rates. “Consequently, home sellers cannot simply bump up prices in the upcoming months but need to assess the changing market conditions to attract buyers,” he said. As of February 2022, higher mortgage rates and sustained price appreciation has led to a year-over-year increase of 28 percent in mortgage payments which Yun notes can easily translate to another $200 to $300 in mortgage payments per month, “a major strain for many families already on tight budgets.”

March 25, 2022 Download our Mobile App: Download our Mobile App: Housing News Pending Sales Take Fourth Monthly Hit Friday’s pending home sales report was the hat trick; all three home sales measures declined last month . While new and existing home sales have had their ups and downs in recent months, February was the fourth consecutive month that the National As... (read more) MBS Commentary MBS Live Morning: Just When You Thought it Wouldn't Get Too Much Worse Thursday may have seen some bond market weakness, but it was the kind we could tolerate considering yields didn't make new highs on the week. In that light, Thursday could technically have contributed to a broader consolidation process. T... (read more) Rob Chrisman Title Company Wanted; Jumbo, Custom Letter Products; FHA and VA Developments; Blockchain and Mortgage Update “A fine is a tax for doing wrong. A tax is a fine for doing well.” Lenders sometimes grapple with the former, always deal with the latter. In my travels around the nation visiting with residential lenders, what else has their attention? Loan officer ... (read more) Mortgage Rates Mortgage Rates Inch Back Up Toward Tuesday's Highs, but Hope and Risk Remain 30 Yr. Fixed Rate 4.95% +0.24% Rate Change Points Mortgage News Daily 30 Yr. Fixed 4.95% +0.24 0.40 15 Yr. Fixed 4.22% +0.15 0.40 30 Yr. FHA 4.45% +0.07 0.00 30 Yr. Jumbo 4.20% +0.10 0.00 5/1 ARM 3.95% +0.10 0.50 Updates Daily - Last Update: 3/25 15 Yr. Fixed Rate 4.22% +0.15% Rate Change Points Freddie Mac 30 Yr. Fixed 4.42% +0.26 0.80 15 Yr. Fixed 3.63% +0.24 0.80 5/1 Yr. ARM 3.36% +0.17 0.30 Updates Weekly - Last Update: 3/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 4.50% +0.23 0.59 15 Yr. Fixed 3.76% +0.21 0.55 30 Yr. Jumbo 4.11% +0.09 0.51 Updates Weekly - Last Update: 3/23 MBS / Treasuries MBS Live Morning: Just When You Thought it Wouldn't Get Too Much Worse UMBS 30YR 4.0 101.36 -0.75 Price / Yield Change MBS UMBS 4.0 101.36 -0.75 UMBS 4.5 102.94 -0.69 GNMA 4.0 101.50 -0.67 GNMA 4.5 102.70 -0.58 Pricing as of: 3/25 5:21PM EST 10 Year US Treasury 2.4824 +0.1125 Price / Yield Change US Treasury 2 YR Treasury 2.276 +0.141 5 YR Treasury 2.553 +0.154 7 YR Treasury 2.559 +0.137 10 YR Treasury 2.482 +0.113 30 YR Treasury 2.597 +0.065 Pricing as of: 3/25 5:21PM EST Latest Video Mortgage rates move higher with 30-year fixed hitting 4.95% The Fed should tighten more aggressively to control inflation, says fmr. Fe... The 9am Bond Report - March 25, 2022 The 2pm Bond Report - March 25, 2022 Around the Web Wall Street Journal Fed's Williams: Fed Can Boost Rates By 50 Basis Points if Needed Calculated Risk Blog New Home Sales and Cancellations CNBC Pending home sales sink in February, setting a grim tone as housing market enters key spring season Calculated Risk Blog NAR: Pending Home Sales Decreased 4.1% in February Calculated Risk Blog Q1 GDP Forecasts: Under 1% Realtor.com The Cities People Leftand the Places They Went toDuring the Pandemic Federal Reserve Waller, The Red Hot Housing Market: the Role of Policy andImplications for Housing Affordability CNBC What to watch today: Wall Street looks to end a volatile week on a high note CNBC Mortgage rate soars closer to 5% in its second huge jump this week Calculated Risk Blog Freddie Mac: Mortgage Serious Delinquency Rate decreased in February CFPB 2021 HMDA Data on Mortgage Lending Now Available Realtor.com Pending Home Sales Decline for 4th Consecutive Month, as Interest Rates Rise: Many People Looking for a Home Have Hit a Ceiling Fannie Mae Home Sales Slowing as Mortgage Rates Continue to Rise

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