The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) in April represents a sixth consecutive monthly decline. The Index, based on signed contracts to purchase existing homes, slid 3.9 percent from March to a 99.3 reading. Both new and existing home sales also experienced significant drops during the month. In October, the last time pending sales posted a gain, the index was at 125.1. The An index of 100 is equal to the level of contract activity in 2001. The PHSI has now been lower than during the same period a year earlier for 11 consecutive months. Last month’s index was 9.1 percent below the April 2021 level. [pendinghomesdata] “Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” said Lawrence Yun, NAR’s chief economist. “The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.” With mortgage rates rising, Yun forecasts existing-home sales to wane by 9 percent in 2022 and home price appreciation to moderate to 5 percent by year’s end. Yun added, “The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25 percent from a year ago, while steeper home prices are adding another 15 percent to that figure.” The NAR report notes that the higher mortgage rates are increasing monthly payments on new mortgages by as much as $500 per month. Indeed, the Mortgage Bankers Association (MBA) reported Thursday morning that the national media mortgage payment, based on recent applications for loans, rose from $1,736 in March to $1,889 in April, an 8.8 percent increase. Yun notes that such price hikes are already a burden, but they become even more problematic to a family on a budget contending with rapid inflation , including surging fuel and food costs.

May 26, 2022 Download our Mobile App: Download our Mobile App: Housing News Pending Home Sales Fall for Sixth Straight Month The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) in April represents a sixth consecutive monthly decline. The Index, based on signed contracts to purchase existing homes, slid 3.9 percent from March to a 99.3 readi... (read more) Rob Chrisman Prequal, Profitability, Due Diligence, Underwriting Tools; FHFA News: Appraisal Management Yesterday I visited Sacramento to speak to an audience of real estate agents and originators in a joint MGIC/Golden 1 Credit Union event. The mood was good, and much of the discussion was about rent (give or take a little, 50 percent the U.S. is payi... (read more) Mortgage Rates Have Rates Finally Turned a Corner? 30 Yr. Fixed Rate 5.25% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.25% 0.00 0.40 15 Yr. Fixed 4.72% 0.00 0.40 30 Yr. FHA 4.64% -0.01 0.00 30 Yr. Jumbo 4.61% +0.01 0.00 5/1 ARM 4.43% +0.01 0.50 Updates Daily - Last Update: 5/27 15 Yr. Fixed Rate 4.72% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 5.10% -0.15 0.90 15 Yr. Fixed 4.31% -0.12 0.80 5/1 Yr. ARM 4.20% +0.12 0.30 Updates Weekly - Last Update: 5/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.49% -0.04 0.74 15 Yr. Fixed 4.73% -0.06 0.82 30 Yr. Jumbo 5.03% -0.05 0.61 Updates Weekly - Last Update: 5/18 MBS / Treasuries MBS Live Recap: Bonds Holding Gains Despite Bounce in Stocks; Fed Minutes Uneventful UMBS 30YR 4.0 100.41 +0.00 Price / Yield Change MBS UMBS 4.0 100.41 0.00 UMBS 4.5 102.13 +0.20 GNMA 4.0 101.28 0.00 GNMA 4.5 102.53 +0.20 Pricing as of: 5/28 1:18PM EST 10 Year US Treasury 2.7432 +0.0016 Price / Yield Change US Treasury 2 YR Treasury 2.484 +0.006 5 YR Treasury 2.724 +0.019 7 YR Treasury 2.770 +0.020 10 YR Treasury 2.743 +0.002 30 YR Treasury 2.972 -0.002 Pricing as of: 5/28 1:18PM EST Latest Video The number of homes available has increased, says Realtor.com's Danielle Ha... Housing prices are going to soften, says Redfin CEO Glenn Kelman The 2pm Bond Report - May 26, 2022 Pending home sales dip for sixth straight month Around the Web CNBC Ron Insana: The Federal Reserve may have already done enough to cool the economy CNBC Home listings suddenly jump as sellers worry they may miss out on the red hot housing market CNBC Fed minutes point to more rate hikes quicker than the market anticipates Calculated Risk Blog Q1 GDP Growth Revised down to minus 1.5% Annual Rate Realtor.com The Red-Hot U.S. Housing Market Finally Offers Hope for Buyers and Sellers, According to This Real-Estate Economist CNBC Mortgage demand slides further, even as interest rates pull back slightly Eye on Housing Condo Construction Market Showing Gains? Eye on Housing New Single-Family Home Size Trends CNBC Treasury yields fall following Fed minutes Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 210,000 Calculated Risk Blog The Household Mystery: Part II Freddie Mac Freddie Mac Issues Monthly Volume Summary for April 2022 Federal Reserve Minutes of the Federal Open Market Committee, May 3-4,2022

© 2022  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.