Tight inventories are again being blamed for a downturn in home sales, this time January's ones. The National Association of Realtor's® (NAR's) Pending Home Sale Index (PHSI) declined by 2.8 percent from December, reaching the lowest level in a year. The PHSI is a forward-looking indicator based on signed contracts for home purchases. Those contracts are generally expected to turn into completed sales in about 60 days. The January PHSI dipped to 106.4 from an upwardly revised 109.5 in December. The December index had originally been reported at 109.0. The index remains 0.4 percent higher than it was in January 2016, but is at the lowest level since then. This index is beginning to exhibit the same kind of volatility that has marked new home sales in recent months. The index gained 1.6 percent

February 27, 2017 Download our Mobile App: Download our Mobile App: Housing News Highest Home-Buying Demand in Years Stifled by Tight Inventory Tight inventories are again being blamed for a downturn in home sales, this time January's ones. The National Association of Realtor's® (NAR's) Pending Home Sale Index (PHSI) declined by 2.8 percent from December, reaching the lowest level in a y... (read more) Housing News CoreLogic's Case For Improving Property Tax Estimates The Truth-in-Lending/RESPA (TRID) rules implemented in late 2015 have placed increased pressure on the accurate forecasting of estimation of non-mortgage related costs for the loan estimates that must be provided to borrowers. Dom Lalisse, CoreLogic'... (read more) Rob Chrisman Rent Trends Continue to Help Lenders; FHA and Ginnie Changes in the Marketplace If you’re a lender in only one state, just think about the state and federal regulations you must deal with, not to mention the investor or agency rules. If you’re a nationwide lender, you can grapple with 49 other rules and regulations. ... (read more) MBS Commentary MBS Live Week Ahead: Decision Time For The Range as Data Ramps Up The past 5 business days of bond market rallies brought yields right to the lower edge of 2017's range .  We had been tracking these movements in terms of a "consolidation range" (i.e. converging lines connecting higher lows and lower highs) bu... (read more) Mortgage Rate Watch Mortgage Rates in Line With 2017 Lows Mortgage rates moved lower for 3rd straight day (and the 5th time in the past 6 days). That makes this the best winning streak of the year and it brings rates to the lowest levels of the year (matching February 8th and a few days in early January). F... (read more) MBS Commentary MBS Live Recap: Bonds Briefly Touch 2017's Best Levels For No Apparent Reason "For no apparent reason" is a bit of an overstatement.  There are several plausible reasons that bonds could be rallying as well as they are at the moment-- not the least of which being the extent to which they sold off at the end of 2016. &nbs... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.84 -0.16 Price / Yield Change MBS UMBS 5.5 98.89 -0.11 UMBS 6.0 100.55 -0.08 GNMA 5.5 99.50 -0.17 GNMA 6.0 100.67 -0.15 Pricing as of: 11/14 5:50PM EST 10 Year US Treasury 4.4487 -0.0153 Price / Yield Change US Treasury 2 YR Treasury 4.352 +0.079 5 YR Treasury 4.328 +0.028 7 YR Treasury 4.387 +0.015 10 YR Treasury 4.440 -0.024 30 YR Treasury 4.590 -0.044 Pricing as of: 11/14 5:50PM EST Latest Video Home buyers flock to Los Angeles open house Tepper: Still long stocks & short bonds Pending home sales down 2.8% in January Around the Web Market Watch The Fed: Odds of March Fed interest-rate hike spike above 50% Market Watch Tepper, Buffett join chorus of bulls betting on unrelenting stock-market climb CNBC Markets are beginning to brace for a March Fed rate hike NAR - Realtor.com Why Wealthy Condo Owners Haven't Paid Their Taxes Boston Fed Do Consumers Rely More Heavily on Credit Cards While Unemployed? CNBC Trump's first budget proposal will call for $54 billion increase in defense spending CNBC Pending home sales drop unexpectedly to lowest in a year, down 2.8% in January Reuters U.S. core capital goods orders unexpectedly fall in January CNBC 'Bond King' Gundlach expects US 10-year T-note yield to drop below 2.25% Bloomberg The Bond Market Is Calling Yellen's March Rate Hike Bluff Bloomberg US Treasuries Might Finally Be Ready to Stage a Breakaway Calculated Risk Blog A few Comments on January New Home Sales Reuters Fannie Mae secures commitments for credit transfer deal

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