Inflation and the resulting increase in interest rates continued to dent home sales activity into the fall. The National Association of Realtors® (NAR) said on Friday that its Pending Home Sales Index (PHSI) which tracks purchase contracts for existing homes, dropped by another 10.2 percent in Septembe r, the fourth straight month that the index has declined. The month’s reading, 79.5, is 31.0 percent below its level in September 2021. [pendinghomesdata] The index was benchmarked at 100 in 2001. It is considered a leading indicators of existing home sales over the following one or two months. “Persistent inflation has proven quite harmful to the housing market ,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers .” Yun noted that multiple years of rock-bottom interest rates have created a “lock-down” effect. Many homeowners are unwilling to list their homes and give up their current 3 to 4 percent mortgage interest rates. “The new normal for mortgage rates could be around 7 percent for a while,” he said. “On a $300,000 loan, that translates to a typical monthly mortgage payment of nearly $2,000, compared to $1,265 just one year ago – a difference of more than $700 per month. Only when inflation is tamed will mortgage rates retreat and boost home purchasing power for buyers.”

October 28, 2022 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 28, 2022 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Solid Week Despite Friday's Selling, But Next One is More Important Fri, Oct 28, 2022 4:10PM Solid Week Despite Friday's Selling, But Next One is More Important Heading into the current week, it wasn't entirely clear what sort of value any of the scheduled events could offer in terms of shaping the broader trends in rates.  The first 4 days ended up acting as a correction to the previous week's runaway ... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 1:21PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 1:21PM EST Other News Persistent Inflation Hammered Pending Home Sales in September, Falling 10% Fri, Oct 28, 2022 11:37AM Inflation and the resulting increase in interest rates continued to dent home sales activity into the fall. The National Association of Realtors® (NAR) said on Friday that its Pending Home Sales Index (PHSI) which tracks purchase contracts for existing homes, dropped by another 10.2 percent in Septembe r, the fourth straight month that the index has decline... (read more) Payment Scenario, Sales, AMC Products; MBS Price Primer: The Difference Between Bonds and Men? Fri, Oct 28, 2022 9:50AM I could tell that my cat Myrtle was incensed. I think that it may have had something to do with an email regarding artic krill oil, and her clicking on a link to check on the status of the prize that she’d won, supposedly a lifetime supply. After clicking on link everything she had in her trust fund vanished. Easy come, easy go. If Myrtle falls for something... (read more) Latest Video The fed might pause but it's unlikely to pivot, says Schroders North Americ... Q3 GDP did suggest the Fed's rate hikes are having the desired effect, says... October consumer sentiment index meets expectations The 2pm Bond Report - October 28, 2022 Around the Web Eye on Housing All-Cash New Home Sales Outnumber FHA-Backed for the First Time Since 2007 Calculated Risk Blog Lawler: Selected Operating Results, Large Home Builders; Cancellation Rates Increasing Sharply CNBC Key inflation gauge for the Fed rose 0.5% in September, in line with expectations CNBC Pending home sales fell 10% in September, much worse than expected CNBC Demand for Series I bonds crashes TreasuryDirect site ahead of key deadline as investors try to secure 9.62% rate Eye on Housing Inflation Brings Savings Rate Down In September Eye on Housing Buyers Expectations of Housing Availability Continue to Improve CNBC U.S. consumer spending seeing a 'mitigation' in growth not a slowdown, says Bank of America CEO Calculated Risk Blog NMHC: Survey shows "Apartment Market Softens" in October Calculated Risk Blog Personal Income increased 0.4% in September; Spending increased 0.6% CNBC Treasury yields rise as markets digest GDP report, look ahead to consumer data CNBC European markets expected to open lower after central bank rate hike and flurry of earnings reports CNBC Europe's 'not out of the woods' despite gas prices falling to 4-month lows

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