Pending Home Sales Still Bouncing Along The Bottom

Sometimes you'll see coverage of economic data that conforms to certain template with a predictable details and word counts. Rarely, the word count will reflect the pace of change in the underlying data series. That's what you're dealing with here. Existing home sales have been depressed since late 2022 and bouncing along the bottom ever since. Pending Home Sales is just another way to view the same problem. Instead of closed transactions, it measures contract signings, thus providing a sort of sneak peak and next month's Existing Home Sales potential. With that in mind, it wouldn't be a surprise to see Existing Sales slip back down after the monthly increase reported last week. Here's why: For those who are uncomfortable without a higher word count, here are a few regional bullet points showing the month over month and year over year change (%): Northeast + 0.8% (down 5.5% annually) Midwest - 7.6% (down 11.6% annually) South - 7.3% (down 9.0% annually) West +0.5% (down 7.0% annually)

March 1, 2024 Download our Mobile App: Download our Mobile App: Housing News Pending Home Sales Still Bouncing Along The Bottom Sometimes you'll see coverage of economic data that conforms to certain template with a predictable details and word counts. Rarely, the word count will reflect the pace of change in the underlying data series. That's what you're dea... (read more) Mortgage Rate Watch Mortgage Rates Start Slightly Higher, but Finish Lower The average lender was offering slightly higher rates this morning when compared to yesterdays latest levels, but things began to change after 10am ET. That's when today's economic data caused the bond market to erase its day over day losses an... (read more) MBS Commentary Surprisingly Strong Reaction to Weak ISM Data We haven't talked enough about ISM Manufacturing this week because Thursday's PCE data was the first report in more than 2 weeks that mattered. Thus, the focus was on what came first as opposed to what has a track record of moving markets. ... (read more) Rob Chrisman TPO, Warehouse, Appraisal Mgt., Homeowner Engagement Tools; Credit Changes As I watch it snow here in the Sierra, hey, if you’re going to watch one video this week, watch this 15-second classic (with sound) on how our banking system works. You’ll watch it at least twice, and let your kids figure it out. Since its all-time h... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.08% -0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.08% -0.02 0.00 15 Yr. Fixed 6.57% -0.03 0.00 30 Yr. FHA 6.57% -0.05 0.00 30 Yr. Jumbo 7.38% -0.04 0.00 7/6 SOFR ARM 6.70% -0.10 0.00 30 Yr. VA 6.57% -0.07 0.00 Updates Daily - Last Update: 3/1 15 Yr. Fixed Rate 6.57% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.94% +0.04 0.00 15 Yr. Fixed 6.26% -0.03 0.00 Updates Weekly - Last Update: 2/29 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 99.16 +0.28 Price / Yield Change MBS UMBS 5.5 99.16 +0.28 UMBS 6.0 100.61 +0.22 GNMA 5.5 99.52 +0.22 GNMA 6.0 100.61 +0.16 Pricing as of: 3/1 5:31PM EST 10 Year US Treasury 4.1840 -0.0700 Price / Yield Change US Treasury 2 YR Treasury 4.533 -0.090 5 YR Treasury 4.164 -0.088 7 YR Treasury 4.194 -0.082 10 YR Treasury 4.184 -0.070 30 YR Treasury 4.328 -0.055 Pricing as of: 3/1 5:31PM EST Latest Video Chicago Fed President Austan Goolsbee: Housing inflation is what we have to... Richmond Fed President Tom Barkin: Got a shot to bring inflation down 'very... There's a relatively slow rate cut desire from the Fed, says Jefferies' Dav... Construction spending misses expectations to the downside Around the Web Reuters Fed policy report warns on possible financial sector risks Eye on Housing Seven Percent of Builders Now Build Barndominiums Federal Reserve Fed's Kugler 'optimistic' on disinflation without big job losses CNBC 36% of homebuyers and sellers dont know they can negotiate real estate agent fees. Heres how to do it Calculated Risk Blog ISM Manufacturing index Decreased to 47.8% in February Eye on Housing Single-Family Construction Spending Continues to Rise Calculated Risk Blog Fannie and Freddie: Single Family Serious Delinquency Rate Decreases Slightly in January CNBC 10-year Treasury yield rises as investors weigh economic outlook CNBC Euro zone inflation cools less than expected to 2.6% in February Calculated Risk Blog Construction Spending Decreased 0.2% in January Reuters Fed's Goolsbee: policy 'restrictive,' more disinflation likely forexlive SF Fed Pres.Mary Daly: Fed policy is in a good place. Fed can cut if needed Calculated Risk Blog Las Vegas January 2024: Visitor Traffic Up 3% YoY; Convention Traffic Up 9%

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