Tight inventories are again being blamed for a downturn in home sales, this time January's ones. The National Association of Realtor's® (NAR's) Pending Home Sale Index (PHSI) declined by 2.8 percent from December, reaching the lowest level in a year. The PHSI is a forward-looking indicator based on signed contracts for home purchases. Those contracts are generally expected to turn into completed sales in about 60 days. The January PHSI dipped to 106.4 from an upwardly revised 109.5 in December. The December index had originally been reported at 109.0. The index remains 0.4 percent higher than it was in January 2016, but is at the lowest level since then. This index is beginning to exhibit the same kind of volatility that has marked new home sales in recent months. The index gained 1.6 percent

February 27, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Feb 27, 2017 Mortgage Rates in Line With 2017 Lows Fri, Feb 24, 2017 4:26PM Mortgage rates moved lower for 3rd straight day (and the 5th time in the past 6 days). That makes this the best winning streak of the year and it brings rates to the lowest levels of the year (matching February 8th and a few days in early January). From here, you'd have to go back to mid-November 2016 to see appreciably lower rates. All that having been said, the range over that time has been fairly narrow--4.125%-4.375% for top tier conventional 30yr fixed rate quotes. Naturally, today's average lender is at 4.125% although some of the more aggressive lenders are indeed down to 4.0%. No matte... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.75 +0.02   95.05 99.96 UMBS 30YR 5.5 101.12 +0.02   97.47 101.28 10 YR Treasury 4.023 -0.006   3.932 4.780 MBS Live Week Ahead: Decision Time For The Range as Data Ramps Up Mon, Feb 27, 2017 8:31AM The past 5 business days of bond market rallies brought yields right to the lower edge of 2017's range .  We had been tracking these movements in terms of a "consolidation range" (i.e. converging lines connecting higher lows and lower highs) bu... (read more) MBS Live Recap: Bonds Briefly Touch 2017's Best Levels For No Apparent Reason Fri, Feb 24, 2017 5:33PM "For no apparent reason" is a bit of an overstatement.  There are several plausible reasons that bonds could be rallying as well as they are at the moment-- not the least of which being the extent to which they sold off at the end of 2016.  The rationale for the 2016 sell-off was somewhat tenuous, given its size.  MBS Live has been steadfast ... (read more) MBS Price Change UMBS 4.5 97.73 -0.03 UMBS 5.0 99.72 -0.01 UMBS 5.5 101.10 +0.00 GNMA 4.5 97.75 +0.00 GNMA 5.0 99.96 +0.02 GNMA 5.5 101.00 +0.07 Pricing as of: 10/16 4:55AM EST US Treasury Yield Change 2 YR Treasury 3.496 -0.004 5 YR Treasury 3.616 -0.004 7 YR Treasury 3.803 -0.001 10 YR Treasury 4.028 -0.001 30 YR Treasury 4.621 -0.005 Pricing as of: 10/16 4:55AM EST Other News Highest Home-Buying Demand in Years Stifled by Tight Inventory Mon, Feb 27, 2017 10:24AM Tight inventories are again being blamed for a downturn in home sales, this time January's ones. The National Association of Realtor's® (NAR's) Pending Home Sale Index (PHSI) declined by 2.8 percent from December, reaching the lowest level in a year. The PHSI is a forward-looking indicator based on signed contracts for home purchases. Those contracts are... (read more) CoreLogic's Case For Improving Property Tax Estimates Mon, Feb 27, 2017 10:36AM The Truth-in-Lending/RESPA (TRID) rules implemented in late 2015 have placed increased pressure on the accurate forecasting of estimation of non-mortgage related costs for the loan estimates that must be provided to borrowers. Dom Lalisse, CoreLogic's Director of Product Management, says this is especially problematic for property tax amounts. He likens the ... (read more) Rent Trends Continue to Help Lenders; FHA and Ginnie Changes in the Marketplace Mon, Feb 27, 2017 10:03AM If you’re a lender in only one state, just think about the state and federal regulations you must deal with, not to mention the investor or agency rules. If you’re a nationwide lender, you can grapple with 49 other rules and regulations. If you service loans, throw on some more. What if you’re a worldwide bank? Citigroup will place a global... (read more) Latest Video Home buyers flock to Los Angeles open house Tepper: Still long stocks & short bonds Pending home sales down 2.8% in January Around the Web Market Watch The Fed: Odds of March Fed interest-rate hike spike above 50% Market Watch Tepper, Buffett join chorus of bulls betting on unrelenting stock-market climb CNBC Markets are beginning to brace for a March Fed rate hike NAR - Realtor.com Why Wealthy Condo Owners Haven't Paid Their Taxes Boston Fed Do Consumers Rely More Heavily on Credit Cards While Unemployed? CNBC Trump's first budget proposal will call for $54 billion increase in defense spending CNBC Pending home sales drop unexpectedly to lowest in a year, down 2.8% in January Reuters U.S. core capital goods orders unexpectedly fall in January CNBC 'Bond King' Gundlach expects US 10-year T-note yield to drop below 2.25% Bloomberg The Bond Market Is Calling Yellen's March Rate Hike Bluff Bloomberg US Treasuries Might Finally Be Ready to Stage a Breakaway Calculated Risk Blog A few Comments on January New Home Sales Reuters Fannie Mae secures commitments for credit transfer deal

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