December's pending home sales erased the small gain posted in November and the National Association of Realtors' (NAR's) Pending Home Sales Index (PHSI) ended the year exactly where it had begun. The PHSI is a forward-looking indicator of existing home sales based on purchase contracts signed during the month. It fell 4.9 percent in December, from 108.5 in November to 103.2. While this is 4.6 percent higher than the index in December 2018 (a reading of 99), it matches precisely the January 2019 level. Analysts had anticipated that contract signings would slow, but not decline . Those polled by Econoday had expected results ranging from no change to an increase of 1.0 percent after a 1.7 percent gain in November. Their consensus estimate was an increase of 0.4 percent. NAR chief economist Lawrence

January 29, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.81% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.30% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jan 29, 2020 Lowest Rates Since September 2019 (Almost 2016) Wed, Jan 29, 2020 4:37PM Mortgage rates regained their footing today, moving back to long-term lows after pausing to move slightly higher yesterday. The definition of "long-term" depends on the lender in question. Most lenders were offering just slightly better terms in September 2019, but only for a few days. For several other lenders, you'd have to go back to September 2016 to see anything lower. Either way, we're talking about the best rates in a long time and a range that's better defined as "mid 3's" than the previously applicable "sub 4%." Today's improvement coincided with a policy announcement and press confer... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.05 0.00 15 Yr. Fixed 5.81% -0.04 0.00 30 Yr. FHA 6.01% -0.04 0.00 30 Yr. Jumbo 6.30% 0.00 0.00 7/6 SOFR ARM 5.89% -0.06 0.00 30 Yr. VA 6.03% -0.04 0.00 Updates Daily - Last Update: 10/31 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.52 -0.04   95.05 100.11 UMBS 30YR 5.5 101.03 -0.03   97.47 101.40 10 YR Treasury 4.089 +0.014   3.932 4.780 MBS Live Day Ahead: Technical Levels to Watch as Bonds Keep Hope Alive Wed, Jan 29, 2020 9:25AM Bonds are holding below what had been a yield floor since mid-October.  Yesterday raised some concern about the recently stronger trend reversing, but overnight gains have kept the dream alive.  In looking at the various "key levels" I had on my chart of 10yr yields, I thought I recognized a bit of a pattern.  See if you can see it: I sup... (read more) MBS Price Change UMBS 4.5 97.48 -0.09 UMBS 5.0 99.52 -0.05 UMBS 5.5 101.02 -0.04 GNMA 4.5 97.59 -0.05 GNMA 5.0 99.66 -0.08 GNMA 5.5 100.79 -0.03 Pricing as of: 11/3 8:17AM EST US Treasury Yield Change 2 YR Treasury 3.584 +0.010 5 YR Treasury 3.698 +0.015 7 YR Treasury 3.884 +0.011 10 YR Treasury 4.090 +0.015 30 YR Treasury 4.668 +0.015 Pricing as of: 11/3 8:17AM EST Other News Pending Home Sales Erase More Than Half of 2019's Gains in a Single Report Wed, Jan 29, 2020 10:35AM December's pending home sales erased the small gain posted in November and the National Association of Realtors' (NAR's) Pending Home Sales Index (PHSI) ended the year exactly where it had begun. The PHSI is a forward-looking indicator of existing home sales based on purchase contracts signed during the month. It fell 4.9 percent in December, from 108.5 in N... (read more) Refis Still Shine as Lower Rates Drive Mortgage Applications Wed, Jan 29, 2020 8:14AM Refinancing continues to dominate mortgage activity, spurred by another dip in mortgage rates. The Mortgage Banker Association (MBA) said the volume of loan applications rose during the week ended January 24 even though some businesses were impacted by the Martin Luther King holiday. MBA's Market Composite Index, a measure of mortgage loan application volume... (read more) Refis Made up More Than Half of Freddie Mac December Business Tue, Jan 28, 2020 11:39AM Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 15.2 percent in December, a substantial change from the 0.4 percent gain in November. The portfolio balance at the end of the period was $2.33 trillion compared to $2.302 trillion at the end of November and $2.182 trillion a year earlier. The growth rate for a... (read more) LOS, Broker Products; Capital Markets, the Fed, Coronavirus, and Trade Wed, Jan 29, 2020 9:08AM My cat Myrtle never paid much attention to Brexit, up until recently a hopeless parliamentary quagmire. (“Brexistential fear”: An irrational fear that Brexit will lead to the end of the world as we know it.) Brexit no longer moves bond markets, nor Myrtle, and it now looks as if Britain will withdraw quite uneventfully from the European Union by ... (read more) Latest Video Powell: Coronavirus likely to cause disruption in China and globally Fed keeps rates unchanged Economic language was downgraded in Fed decision: Portfolio manager Pending home sales down 4.9% vs. a 1.0% increase expected Around the Web Reuters Fed keeps interest rates steady, offers no new balance sheet guidance Reuters Traders maintain bets on Fed pausing on policy till later in year CNBC Fed boosts interest rate on bank reserves CNBC Fed holds rates steady, affirms commitment to higher inflation Reuters EU parliament gives final approval to Brexit deal CNBC The bond market is starting to get worried about a recession again Reuters Explainer: What the U.S. Federal Reserve is watching this year Reuters Fed likely to keep interest rates on hold as coronavirus worries grow CNBC December pending home sales fall 4.9% as supply hits a record low CNBC Treasury yields edge lower ahead of Fed decision Reuters Blink and you miss it: The U.S. yield curve inverts again CNBC Coronavirus, repo market and the reserve rate: What to watch this week from the Fed Reuters Countdown to recession: What an inverted yield curve means

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