Pending Sales Slide to 20-year Low

The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI) established a record low in October. The Index, a forward-looking indicator of contracts signed to purchase single-family homes, townhomes, condominiums, and cooperative apartments, dropped 1.5 percent to 71.4 in October, the lowest number since the index was originated in 2001 . The Index has now fallen 8.5 percent in the last year. [pendinghomesdata] Lawrence Yun, NAR’s chief economist said, “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years. Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied. Multiple offers, of course, yield only one winner, with the rest left to continue their search.” The only region in the nation to see improvement in October was the Northeast. The PHSI for that region rose 2.7 percent to 64.8. This was still a 6.5 percent year-over-year retraction. Contract signings were down 0.4 percent in the Midwest compared to September and declined 10.3 percent from the prior October. In the South , the PHSI was 85.6, a 1.9 percent and 7.1 percent decrease from the two earlier periods. The West’s index fell 6.0 percent 51.8 and was 10.8 percent below its level a year earlier.

November 30, 2023 Download our Mobile App: Download our Mobile App: Housing News Pending Sales Slide to 20-year Low The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI) established a record low in October. The Index, a forward-looking indicator of contracts signed to purchase single-family homes, townhomes, condominiums, and cooperat... (read more) Mortgage Rate Watch Mortgage Rate Winning Streak Finally Ends, But Just Barely If you count the Friday after Thanksgiving as a business day, mortgage rates had fallen for 6 straight days as of yesterday afternoon. Moreover, they'd reached the lowest levels in 3 months and had put an impressive amount of distance between t... (read more) MBS Commentary Token Correction. Data Not Helping It would have been a lot to ask for bonds to continue rallying without any major justification after hitting 4.25% yesterday and after 50bp rally over the past 4 weeks. That tall order grew even taller after the AM econ data, Fed comments, and ... (read more) Rob Chrisman MSR Sales, Subservicing, Margin Mgt., PPE, HELOC, Pre-Approval Tools, Don't Ignore HMDA Requirements Home schooling is the goodest thing I ever did for my two kids. Hopefully, they both learned that an inverted yield curve doesn’t automatically create, or lead to, a recession. As we approach 2024, short term rates have been higher than long term rat... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.15% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.15% +0.02 0.00 15 Yr. Fixed 6.51% +0.01 0.00 30 Yr. FHA 6.52% +0.02 0.00 30 Yr. Jumbo 7.60% 0.00 0.00 5/1 ARM 6.70% -0.02 0.00 30 Yr. VA 6.53% +0.03 0.00 Updates Daily - Last Update: 11/30 15 Yr. Fixed Rate 6.51% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.22% -0.07 0.00 15 Yr. Fixed 6.56% -0.11 0.00 Updates Weekly - Last Update: 11/30 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.37% -0.04 0.64 15 Yr. Fixed 6.88% -0.01 0.52 30 Yr. Jumbo 7.54% +0.03 0.62 Updates Weekly - Last Update: 11/29 MBS / Treasuries UMBS 30YR 6.0 100.23 -0.30 Price / Yield Change MBS UMBS 6.0 100.23 -0.30 UMBS 6.5 101.55 -0.16 GNMA 6.0 100.63 -0.22 GNMA 6.5 101.59 -0.06 Pricing as of: 11/30 5:31PM EST 10 Year US Treasury 4.3380 +0.0790 Price / Yield Change US Treasury 2 YR Treasury 4.701 +0.056 5 YR Treasury 4.282 +0.068 7 YR Treasury 4.355 +0.074 10 YR Treasury 4.338 +0.079 30 YR Treasury 4.505 +0.064 Pricing as of: 11/30 5:31PM EST Latest Video Recession still remains likely for US economy, says Wells Fargo's Jay Bryso... Inflation will be sticky enough to keep the Fed from cutting rates in '24, ... Trends in home furnishings will eventually turn positive, says La-Z-Boy CEO... Pending home sales drop to a record low Around the Web CNBC Pending home sales drop to a record low, even worse than during the financial crisis CNBC Fed's favorite gauge shows inflation rose 0.2% in October and 3.5% from a year ago, as expected CNBC Nashville's real estate boom has builders scrambling and residents facing sky high prices Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 218,000 Calculated Risk Blog Freddie Mac House Price Index Increased in October to New High; Up 6.0% Year-over-year CNBC Here's what it would take for the Fed to start slashing interest rates in 2024 Calculated Risk Blog Personal Income increased 0.2% in October; Spending increased 0.2% Calculated Risk Blog Fannie and Freddie Serious Delinquencies in October: Single Family Declined, Multi-Family Increased Eye on Housing Custom Home Building Share Improves in 2022 CNBC Euro zone inflation sinks to 2.4%, below expectations Marketwatch Fed's Mester says interest-rate policy is in a 'good place' Marketwatch Fed's Bostic says he's more confident in his soft-landing forecast CNBC Treasury yields little changed as investors await fresh inflation insights

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