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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
Housing News
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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 ho... (read more)
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MBS Commentary
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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 ... (read more)
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Housing News
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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 ... (read more)
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Rob Chrisman
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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 ma... (read more)
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Housing News
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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 trillio... (read more)
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Mortgage Rate Watch
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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 Sept... (read more)
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