Tag Archive for ‘mortgage rates’

Existing Home Sales Reach 14-year High in August

As the housing market continued its rebound from the pandemic, existing home sales, as reported by the National Association of Realtors (NAR), reached its highest level in nearly 14 years in August. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 2.4% to a seasonally adjusted annual rate of 6.00 million in August, the highest level since… Read More ›

Pending Home Sales Up 5.9% in July

As record-low mortgage rates continue to fuel housing demand, pending home sales increased for a third straight month in July. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI rose 5.9% from 115.3 in June to 122.1 in July. On a year-over-year basis, sales were… Read More ›

Existing Home Sales Continue Record Rebound in July

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), posted another record increase in July and surpassed pre-pandemic levels. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, soared 24.7% to a seasonally adjusted annual rate of 5.86 million in July, the largest monthly gain on record and the… Read More ›

Pending Home Sales Edge Up in June

After the biggest monthly gain on record last month , pending home sales surged back to pre-pandemic levels, as homebuyers rushed back to the market, taking advantage of record-low mortgage rates. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI climbed 16.6% from 99.6 in… Read More ›

Existing Home Sales Post Record Rebound in June

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rebounded sharply in June, showing a strong sign of a market turnaround after three months of decline. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, jumped 20.7% to a seasonally adjusted annual rate of 4.72 million in June, the… Read More ›

Adjustable-rate Mortgage Activity Increases

The Mortgage Bankers Association’s (MBA) latest Weekly Application shows an uptick in applications for the week ending July 17, 2020. The Market Composite Index increased by 4.1% from the previous week on a seasonally adjusted basis. Refinancing activity showed continued fervor, increasing by 5.3% from the previous week, while purchasing activity increased moderately by 1.8%. The MBA’s 30-year fixed-rate mortgage… Read More ›

Existing Home Sales Drop for a Third Month

Existing home sales, as reported by the National Association of Realtors (NAR), fell for the third straight month in May as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. However, because existing sales are a reflection of closed contracts, sales likely reached a recession low point in the May data. Total existing… Read More ›

Purchasing and Refinance Activity Thrive Amid Low Rates

As the Mortgage Bankers Association’s 30-year fixed-rate mortgage rate reached a new historic low of 3.3%, sliding down by 8 basis points from the previous week, its benchmark Market Composite Index increased by 8% from the previous week, on a seasonally adjusted basis. Purchase applications increased to the highest level in over 11 years and for the ninth consecutive week…. Read More ›

Home Purchasing Continues Gains

The latest round of the Mortgage Bankers Association’s (MBA) Weekly Application Survey showed a decline in its benchmark Market Composite Index for the week ending on May 29 by 3.9% from the previous week on a seasonally adjusted basis. Refinancing activity, fell sharply from the previous week by 8.6%. However, purchase application activity rose by 5.3%. Continuing the trend that… Read More ›

Existing Home Sales See Largest Drop in Nearly 10 Years

Existing home sales, as reported by the National Association of Realtors (NAR), fell for the second straight month in April as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. Total existing home sales, which includes single-family homes, townhomes, condominiums and co-ops, dropped 17.8% to a seasonally adjusted annual rate (SAAR) of 4.33… Read More ›