Eye On Housing
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 ›
Tag Archive for ‘mortgage rates’
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 ›
Muted Fervor in the Final Weeks of Spring Homebuying
Since its previous week’s reading, which also marked a record low in the series, the Mortgage Bankers Association’s 30-year fixed-rate mortgage contract rate edged up by 3 basis points to 3.43%. The Market Composite Index, measuring mortgage loan application volume for purchases and refinancings, increased by 0.3% on a seasonally adjusted basis from one week prior. The MBA cites the… Read More ›
Pending Home Sales Sank 20.8% in March
After hitting 3-year high in February, pending home sales plunged sharply to its lowest level in March since May 2011, as coronavirus pandemic shut down most economic activity. 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 sank 20.8% from 111.4 in February to 88.2… Read More ›
Uncertainty Looms in the Mortgage Market
The Mortgage Bankers Association’s latest Weekly Application Survey shows a 15.3% seasonally adjusted rise in loan application volume from the previous week. The Refinance index increased 25.5% from the previous week and was 168% higher than it was the same week one year ago. The Purchase Index decreased 10.8% from one week earlier. The MBA notes that buyer and seller… Read More ›
Pending Home Sales Reach 3-Year High Before Virus Outbreak
Following an 5.3% increase in January, pending home sales continued to trend higher in February, supported by 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 grew 2.4% from 108.9 in January to 111.5 in February, the highest reading in three years…. Read More ›
Existing Home Sales Hits 13-Year High in February
Supported by historically low interest rates and rising demand, existing home sales, as reported by the National Association of Realtors (NAR), surged to 13-year high in February after a slight decline in January. Unfortunately, this will mark the high water mark for some time due to virus concerns. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 6.5%… Read More ›
Refinancing Activity Soars
The Mortgage Bankers Association’s Weekly Application Survey shows a weekly increase in the Market Composite Index by 15.1% on a seasonally adjusted basis. The Refinance Index soared 26.0% from the previous week and the Purchase index decreased 2.7%. Looking at the Refinance series since its inception, the latest 10-week sprint of over 160% is the largest since January 2009 when… Read More ›