The National Association of Realtors' Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—has remained rangebound for more than two years, constrained by affordability pressures and elevated mortgage rates. This week’s update showed a modest improvement, but the broader story hasn’t changed. Pending home sales rose by 1.8% in May, marking the first increase since February. The index is now 1.1% higher than a year ago , but still well below pre-2022 norms. Zooming out, contract activity remains stuck in a narrow band. The index hasn’t been above 80 since the summer of 2022 and continues to reflect a sluggish, rate-constrained housing market. “Consistent job gains and rising wages are modestly helping the housing market,” said NAR Chief Economist Lawrence Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.” Here’s how the month-over-month change broke down by region: Northeast: +2.1% Midwest: +0.3% South: +1.0% West: +6.0%

June 27, 2025 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 Jun 27, 2025 Mortgage Rates Not Too Far From 8 Month Lows Fri, Jun 27, 2025 1:16PM Friday's mortgage rates ended up being right in line with Thursday's on average.  At 6.72%, the MND daily rate index is as low as it's been since early April when it hit 6.60%. If you're thinking that 6.72 doesn't sound much higher than 6.60, you're right!  Mortgage lenders tend to offer rates in 0.125% increments, so we're really only one notch away from those lows.  After that, we'd need to go all the way back to October to see anything lower. While the mortgage market can languish sideways for weeks without moving outside a 0.12 range, there are also more than a few example... (read more) 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 Modest Friday Bounce Does Little to Alter Bigger Picture Fri, Jun 27, 2025 3:24PM Modest Friday Bounce Does Little to Alter Bigger Picture After a decent mid-day recover, bonds gave up their gains heading into the 3pm close.  It's a level of weakness that demands no explanation in the bigger picture--especially on a Friday afternoon of a week with a rally on every single previous day.  N... (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: 2/6 11:20PM 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: 2/6 11:20PM EST Other News Pending Home Sales Data Scores Some Points, But Not Enough to Change The Game Fri, Jun 27, 2025 11:36AM The National Association of Realtors' Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—has remained rangebound for more than two years, constrained by affordability pressures and elevated mortgage rates. This week’s update showed a modest improvement, but the broader story hasn’t changed. Pending home sales rose by 1.8% in ... (read more) New Home Sales Drop to Lower End of Range After Hitting The Highs Last Month Fri, Jun 27, 2025 11:06AM New Home Sales fell sharply in May according to the latest report from the U.S. Census Bureau and HUD. After a brief surge in April, the seasonally adjusted annual pace dropped to 623,000—down 13.7% from April's revised reading of 722,000 and 6.3% lower than the same month last year. When last month's data originally came out, the annual pace of 743k was the... (read more) HELOC, Ops Tools; STRATMOR and Servicing; The Importance of Marketing; Freddie Fannie News Fri, Jun 27, 2025 11:57AM Does anyone pay with cash anymore, or actually have the money in their bank account? Credit card debt is now $1.1 trillion. There is even a credit card just for automotive repairs! With those “Buy Now Pay Later” arrangements being added to the FICO reports, MLOs are asking, “What are delinquencies like? Will these add to, or subtract from, my pool of eligibl... (read more) Latest Video President Trump says U.S. is immediately terminating trade talks with Canad... Core inflation rate rose to 2.7% in May, personal income falls Fed's Kashkari sees first rate cut in September, two rate cuts this year Allianz's Mohamed El-Erian weighs the economic impact on Trump replacing Fe... Around the Web CNBC Core inflation rate rose to 2.7% in May, more than expected, Feds preferred gauge shows CNBC Deep inside U.S. economy, more sticker prices start going up due to tariffs, and inventory is headed down Calculated Risk Blog Final Look at Local Housing Markets in May and a Look Ahead to June Sales Bloomberg US Economy: Jobless Claims Fall, 1Q GDP Revised to -0.5% Calculated Risk Blog Realtor.com Reports Most Active "For Sale" Inventory since December 2019 CNBC Treasury yields fall as concerns grow over Trump's criticism of Powell Eye on Housing State and Local Property Tax Revenue Grows in the First Quarter Calculated Risk Blog Inflation Adjusted House Prices 1.7% Below 2022 Peak; Price-to-rent index is 8.8% below 2022 peak CNBC Treasury yields inch higher as investors await the Fed's preferred inflation print Marketwatch Jobless claims fall to 6-week low — no sign of surging layoffs Reuters Fed kicks off effort to ease bank leverage rules Calculated Risk Blog NAR: Pending Home Sales Increase 1.8% in May; Up 1.1% YoY Calculated Risk Blog Personal Income Decreased 0.4% in May; Spending Decreased 0.1%

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