Existing Homes (the jargon word for a home that has already been owned and occupied) represent a much larger piece of the home sales pie compared to new homes, but the series has been flagging at historically low levels. When rates dropped at the end of 2023, existing sales perked up a bit, but had been moving back toward the long term lows recently. As of the last report, the annualized pace of sales had fallen from just under 4.4m to 3.9m--very close to October 2023's 3.85m--the lowest reading in more than a decade. With today's update, we're suddenly back in business! OK, that's an exaggeration, but we're at least suddenly surviving for one more month without sliding to deeper depths. The official annualized tally for July was 3.95m which was a hair higher than the 3.93m forecast. Other highlights: Inventory up 0.8% m/m and up 19.8% y/y Median price: $422,600, up 4.2% y/y Average time on market: 24 days, up from 22 days in June First time buyers accounted for 29% of sales, same as last month Cash sales accounted for 27%, down from 28% last month, but up from 26% last year Investors accounted for 13%, down sharply from 16% last month and last year Regional sales breakdown: Northeast, up 4.3% from June and up 2.1% annually Midwest unchanged from June and down 5.2% annually South up 1.1% from June and down 3.8% annually West up 1.4% from June and also up 1.4% annually
| Housing News | | Are Existing Home Sales Done Sliding? | | Existing Homes (the jargon word for a home that has already been owned and occupied) represent a much larger piece of the home sales pie compared to new homes, but the series has been flagging at historically low levels. When rates dropped at ... (read more) |
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| Mortgage Rate Watch | | Modest Bounce For Mortgage Rates | | After moving lower for 4 straight days to hit the 3rd lowest levels in more than a year, mortgage rates bounced just a bit higher today. This was the first day of the week with meaningful economic data and the bond market (which dictates rate m... (read more) |
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| MBS Commentary | | Decent Data Only a Minimal Headwind For Bonds | | There is an ongoing bias toward better buying and lower yields in the bond market in spite of a string of decent economic reports in the past week. Just this morning, we have 2 of the week's most relevant reports coming in at levels that could ... (read more) |
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| 30 Yr. Fixed Rate | | 6.48% +0.02% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.48% | +0.02 | 0.00 | | 15 Yr. Fixed | 6.00% | +0.02 | 0.00 | | 30 Yr. FHA | 5.94% | +0.04 | 0.00 | | 30 Yr. Jumbo | 6.68% | +0.01 | 0.00 | | 7/6 SOFR ARM | 6.38% | -0.01 | 0.00 | | 30 Yr. VA | 5.95% | +0.03 | 0.00 | | Updates Daily - Last Update: 8/22 |
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| 15 Yr. Fixed Rate | | 6.00% +0.02% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.46% | -0.03 | 0.00 | | 15 Yr. Fixed | 5.62% | -0.04 | 0.00 | | Updates Weekly - Last Update: 8/22 |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.54% | -0.01 | 0.57 | | 15 Yr. Fixed | 5.96% | -0.07 | 0.65 | | 30 Yr. Jumbo | 6.78% | +0.01 | 0.37 | | Updates Weekly - Last Update: 8/14 |
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| UMBS 30YR 5.5 | | 100.61 -0.21 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.5 | 100.61 | -0.21 | | UMBS 6.0 | 101.77 | -0.13 | | GNMA 5.5 | 100.57 | -0.13 | | GNMA 6.0 | 101.31 | -0.04 | | Pricing as of: 8/22 5:31PM EST |
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| 10 Year US Treasury | | 3.8640 +0.0630 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 4.021 | +0.088 | | 5 YR Treasury | 3.733 | +0.076 | | 7 YR Treasury | 3.777 | +0.072 | | 10 YR Treasury | 3.864 | +0.063 | | 30 YR Treasury | 4.135 | +0.056 | | Pricing as of: 8/22 5:31PM EST |
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