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Pending home sales bounced back in November , partially recovering from a 1.7 percent decline in October. The National Association of Realtors® said its Pending Home Sales Index (PHSI), a measure of contracts signed during the month to purchase existing homes, gained 1.2 percent in November to a reading of 108.5 from 106.7. The index is now up 7.4 percent compared to the November 2018 PHSI. The month-over month change was slightly higher than the estimate of 1.1 percent from analysts polled by Econoday . Those estimates ranged from 0 to 1.5 percent. The forecast from Trading Economics was precisely on target for the October to November change, but fell far short of the actual year-over-year increase with a prediction of 5.8 percent. "Despite the insufficient level of inventory, pending
Housing News
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Pending home sales bounced back in November , partially recovering from a 1.7 percent decline in October. The National Association of Realtors® said its Pending Home Sales Index (PHSI), a measure of contracts signed during the month to purchase e... (read more)
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Rob Chrisman
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I was telling my cat Myrtle that I have a problem when people ask me what I’ll be doing tomorrow after midnight. I don’t have 2020 vision! Barring any surprises the Fed has not made it a secret that the FOMC expects to leave short-term ra... (read more)
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MBS Commentary
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Bond market holiday inertia would have been happy to continue were it not for a relative smattering of drama in European bond markets overnight. In fact, the inertia at home DID ultimately continue, but that wasn't obviously going to be the cas... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) says mortgage application volume slowed significantly last week as Americans prepared for several major holidays. Its Market Composite Index, a measure of mortgage loan application volume, was down on a seasonal... (read more)
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Mortgage Rate Watch
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Mortgage rates were somewhat higher again today--the 4th day in a row that we've been forced to observe such mildly unpleasant things. Technically, this brings the average lender to the highest rates in more than a month, but it's important to note h... (read more)
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Housing News
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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 0.4 percent in November, down from 3.0 percent the previous month. The portfolio balance at the end of the period was $2.302 trillion compared to $2.3... (read more)
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