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Contracts for existing home purchases rose for the fourth straight month in August and more than doubled the increase expected by most analysts. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) rose from 122.1 in July to 132.8 in August, an increase of 8.8 percent. The PHSI, based on contracts to purchase existing single-family houses, townhouses, condos, and cooperative apartments, is now at an all time high and is 24.2 percent above its level in August 2019. The index is also up 44.6 points from the point to which it plunged in April after the widespread business closures and stay-at-home responses to the COVID-19 pandemic. Most analysts had looked for a strong report, but still didn't come close to predicting the actual gains. Those polled by Econoday
Housing News
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Contracts for existing home purchases rose for the fourth straight month in August and more than doubled the increase expected by most analysts. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) rose from 122.1 ... (read more)
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Housing News
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Mortgage application volume has fallen into an up and down pattern over the last few weeks and last week went to the negative side. The Mortgage Bankers Association said its Market Composite Index decreased 4.8 percent on a seasonally adjusted basis ... (read more)
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Rob Chrisman
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Welcome to the start of Fat Bear Week in Alaska. (There’s even a Park Service bracket with the favorites... expect upsets!) It’s probably easier to forecast the fattest bear than it is to predict forbearance trends, although MCT’s &... (read more)
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Mortgage Rate Watch
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The average mortgage lender continues to offer top tier conventional 30yr fixed rates in the "high 2% to low 3%" neighborhood. Exactly where any given quote will reside in that neighborhood depends on several factors. The most important of those is t... (read more)
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Housing News
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The growth of home prices nationally continued to accelerate in July according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The National Index, which covers all nine U.S. census divisions, rose 4.8 percent in July on an a... (read more)
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MBS Commentary
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Bonds Finally Make a Move. How Serious Is It?
After more than 2 months of a narrow sideways range and more than 3 weeks of an increasingly narrow trading range, bond yields finally broke out today. Is t... (read more)
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