Latest Home Sales Data Adds to Case For a Bounce

For those in the housing and mortgage market, there's certainly been a shift in the tone over the past few weeks. I can't speak for everyone in that market, but in daily conversations with mortgage originators, the topic of an uptick in home sales is coming up for the first time in quite a while. To be clear, I don't think anyone thinks that we're experiencing some massive reversal of fortune. We're not quickly going back to near-all-time high sales pace seen at times during 2020 and 2021. Rather, the hope is that we're finally seeing an end to a fairly depressing slide that took sales levels to near-all-time lows. The just-released Pending Home Sales data from the National Association of Realtors is the latest in a small collection of data that quantifies the potential shift. In this case, words are probably worth more than pictures because we can say things like "pending home sales moved up at the fastest pace since October 2021." The chart may be a bit anticlimactic by comparison, but it's better than a sharp stick in the eye. “This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

January 27, 2023 Download our Mobile App: Download our Mobile App: Housing News Latest Home Sales Data Adds to Case For a Bounce For those in the housing and mortgage market, there's certainly been a shift in the tone over the past few weeks. I can't speak for everyone in that market, but in daily conversations with mortgage originators, the topic of an uptick in home sa... (read more) MBS Commentary 5 for 5 on Uneventful Trading Days; Next Week Should be Different 5 for 5 on Uneventful Trading Days; Next Week Should be Different Heading into this week, if we had to guess, we would have expected things to look about how they looked. Specifically, yields didn't cha... (read more) Mortgage Rate Watch The Most Stable Mortgage Rate Trend Since 2021 There are those who always try to portray the glass as being half full when it comes to the housing market. Then there are those who love a full glass, but who also call it like they see it. Right now, each camp has something to agree on: the glass i... (read more) Rob Chrisman Point of Sale, Appraisal, Outsourcing, Appraisal Products; Mergers and Lender Closures Continue Every lender or investor with an “a” in their name seems to be subject to rumors and news in recent months. (More on Flagstar and American Pacific below.) Know anyone named “Bernadette”? The name is actually Latin for, “The act of torching a mortgage... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.20% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.20% +0.02 0.00 15 Yr. Fixed 5.26% +0.02 0.00 30 Yr. FHA 5.77% 0.00 0.00 30 Yr. Jumbo 5.70% 0.00 0.00 5/1 ARM 6.25% +0.05 0.00 30 Yr. VA 5.83% +0.01 0.00 Updates Daily - Last Update: 1/27 15 Yr. Fixed Rate 5.26% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.13% -0.02 0.00 15 Yr. Fixed 5.17% -0.11 0.00 Updates Weekly - Last Update: 1/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.23% -0.19 0.67 15 Yr. Fixed 5.58% -0.36 0.54 30 Yr. Jumbo 6.08% -0.01 0.40 Updates Weekly - Last Update: 1/18 MBS / Treasuries UMBS 30YR 5.0 100.34 +0.14 Price / Yield Change MBS UMBS 5.0 100.34 +0.14 UMBS 5.5 101.50 +0.16 GNMA 5.0 100.67 +0.20 GNMA 5.5 101.48 +0.22 Pricing as of: 1/27 5:31PM EST 10 Year US Treasury 3.5071 +0.0031 Price / Yield Change US Treasury 2 YR Treasury 4.203 +0.016 5 YR Treasury 3.612 +0.010 7 YR Treasury 3.569 +0.010 10 YR Treasury 3.507 +0.003 30 YR Treasury 3.625 -0.017 Pricing as of: 1/27 5:31PM EST Latest Video Central banks around the world are dialing back rate increases, says Contra... Pending home sales increased in December The Fed needs to keep tapping the brake, says BofA's Ethan Harris The economy isn't overheated as the Fed believes, says Ariel's Charlie Bobr... Around the Web Calculated Risk Blog Has Housing "Bottomed"? CNBC Rent prices have dropped the most in these 5 U.S. metros. Why it's cheaper to rent than buy in many markets CNBC Key Fed inflation measure eased in December while consumer spending also declined Calculated Risk Blog NAR: Pending Home Sales Increased 2.5% in December, Year-over-year Down 33.8% CNBC Insana says theres more evidence of slowing inflation and other central banks are noticing Eye on Housing Buyers Expect Less Housing Availability Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Up 69% YoY; New Listings Down 5% YoY Calculated Risk Blog New Home Sales at 616,000 Annual Rate in December; Annual Sales down 16.4% in 2022 Calculated Risk Blog A Few Comments on Q4 GDP and Investment Eye on Housing Housing Share of GDP Lower in the Fourth Quarter of 2022 Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 186,000 wells fargo Solid GDP Growth in Q4-2022, But Q1 Set To Be Weak CNBC European markets set to nudge higher after U.S. GDP beat expectations

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