October saw contracts to purchase existing homes fall for the fifth straight month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) lost another 4.6 percent during the month, declining from 79.5 in September to 77.1. This is 37.0 percent lower than its reading in October 2021 when it hit a recent peak of 125.2. It has posted only one increase (0.7 percent) since then. [pendinghomesdata] “October was a difficult month for home buyers as they faced 20-year-high mortgage rates,” said NAR Chief Economist Lawrence Yun. “The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain. The upcoming months should see a return of buyers , as mortgage rates appear to have already peaked and have been coming down since mid-November.” Contract signings were lower in three of the four major regions compared to the prior month. They were significantly lower in all four regions on an annual basis. The index for the Northeast lost 4.3 percent from its September level. At 68.7, it was 29.5 percent lower than a year earlier. The Midwest index rose 3.3 percent to 83.5 but has declined 32.1 percent since October 2021. The South’s reading, 90.6, was 6.4 percent lower for the month and down 38.2 percent from the prior year. The PHSI in the West sank 11.3 percent to 55.6. This was down 46.2 percent year-over-year.

November 30, 2022 Download our Mobile App: Download our Mobile App: Housing News Pending Home Sales Decline for Fifth Month in a Row October saw contracts to purchase existing homes fall for the fifth straight month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) lost another 4.6 percent during the month, declining from 79.5 in September to ... (read more) Housing News Purchase Activity Rose Again as Holiday Neared Thanksgiving had its usual effect on the mortgage market during the week ended November 25, although the third week of easing interest rates helped move the volume of purchase mortgage applications higher. The Mortgage Brokers Association (MBA) said ... (read more) Mortgage Rate Watch Mortgage Rates Not Nearly as Low as They Might be Tomorrow Mortgage rates moved slightly lower today, but barring a major market reversal overnight, could be even lower tomorrow.  It's fairly rare to be able to say such things when it comes to mortgage rates, but the reasons are fairly logical in this c... (read more) MBS Commentary Powell Shows Up With Holiday Cheer For Bonds Powell Shows Up With Holiday Cheer For Bonds While it's not technically a holiday week, we are in the midst of the winter holiday season for the bond market.  And while it's the holidays at the end of De... (read more) Rob Chrisman Market Research, Automation, Fee Collection, Non-Agency Tools; Conforming Loan Limit In the secondary markets, lenders are trying to wring out every penny from loan sales. For example, in today’s podcast (available here) is an interview with Senior Director of MCT’s Investor Services team, Jennifer Kennelly, on MCT’s Bid Auction Mana... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.29% -0.34% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.29% -0.34 0.00 15 Yr. Fixed 5.75% -0.23 0.00 30 Yr. FHA 5.75% -0.37 0.00 30 Yr. Jumbo 5.75% -0.19 0.00 5/1 ARM 5.99% -0.24 0.00 30 Yr. VA 5.80% -0.35 0.00 Updates Daily - Last Update: 12/1 15 Yr. Fixed Rate 5.75% -0.23% Rate Change Points Freddie Mac 30 Yr. Fixed 6.49% -0.09 0.00 15 Yr. Fixed 5.76% -0.14 0.00 Updates Weekly - Last Update: 12/1 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.67% -0.23 0.68 15 Yr. Fixed 6.08% -0.19 0.70 30 Yr. Jumbo 6.30% -0.21 0.74 Updates Weekly - Last Update: 11/23 MBS / Treasuries UMBS 30YR 5.0 99.84 +0.03 Price / Yield Change MBS UMBS 5.0 99.86 +0.05 UMBS 5.5 101.36 +0.05 GNMA 5.0 100.11 -0.05 GNMA 5.5 101.27 0.00 Pricing as of: 12/1 12:09PM EST 10 Year US Treasury 3.5833 -0.0276 Price / Yield Change US Treasury 2 YR Treasury 4.316 -0.013 5 YR Treasury 3.735 -0.017 7 YR Treasury 3.668 -0.022 10 YR Treasury 3.583 -0.028 30 YR Treasury 3.694 -0.051 Pricing as of: 12/1 12:09PM EST Latest Video Jerome Powell on wages, unemployment and inflation Fed Chair Jerome Powell on the status of inflation U.S. to backstop mortgages over $1 million for first time Powell: There's a long way to go to restore price stability Around the Web Calculated Risk Blog Fed Chair Powell: "The time for moderating the pace of rate increases may come as soon as the December meeting" CNBC Fed Chair Powell says smaller interest rate hikes could start in December fhfa Conforming Loan Limit Rises to $726,200 CNBC Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports Calculated Risk Blog Inflation Adjusted House Prices 3.3% Below Peak Eye on Housing Construction Job Openings Peaked for Cycle? Wall Street Journal Home Prices Slid in September for Third Straight Month Calculated Risk Blog Comments on September Case-Shiller and FHFA House Prices Reuters Big euro zone inflation drop bolsters hopes for smaller ECB hike Reuters ECB warns of losses as it pays price for decade of money printing CNBC Shopper turnout hit record high over Black Friday weekend, retail trade group says CNBC Watch Fed Chair Jerome Powell speak on the economy and monetary policy CNBC Treasury yields slip as investors assess impact of Chinas Covid policy

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