Tag Archive for ‘mortgage rates’

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 ›

Pending Home Sales Rebound in January

Following a 4.3% slump in December, pending home sales saw a strong monthly gain in January, supported by solid job growth and 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 5.2% from 103.4 in December to 108.8 in January, the… Read More ›

Existing Home Sales Slip But Remain Solid

After hitting a near two-year high in December, existing home sales, as reported by the National Association of Realtors (NAR), dropped in January amid tight inventory and rising prices. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 1.3% to a seasonally adjusted annual rate of 5.46 million in January. However, on a year-over-year basis, sales were 9.6%… Read More ›