Pending Home Sales Rise 7.3% to Highest Level in 19 Months
Dec 30th, 2011
Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.
Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” he said.
“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun added.
NATIONAL RATE SURVEY RESULTS
Dec 30th, 2011
4.21% — with avg. points: 0.37 pts
3.44% — with avg. points: 0.37 pts
3.98% — with avg. points: 0.37 pts
5-year Conventional ARM:
3.20% — with avg. points: 0.37 pts
COLDWELL BANKER HOME LOANS – Slightly Higher
DAILY RATE CHANGES – LAST 5 BUSINESS DAYS
Date Conventional FHA VA
12/29 Unchanged Unchanged Slightly Lower
· 10 Year Treasury Yield opened at 1.91
12/28 Unchanged Slightly Lower Slightly Lower
· 10 Year Treasury Yield closed at 1.91
12/28 (2) Slightly Lower Lower Lower
· Rate change for the better!
12/27 Slightly Higher Higher Higher
· 10 Year Treasury Yield closed at 2.01
12/23 Unchanged Slightly Higher Slightly Higher
· 10 Year Treasury Yield closed at 2.03
12/22 Unchanged Unchanged Unchanged
· 10 Year Treasury Yield closed at 1.95
12/21 Unchanged Unchanged Unchanged
· 10 Year Treasury Yield closed at 1.97
12/20 Higher Higher Higher
· 10 Year Treasury Yield closed at 1.92
Will rates rise or remain relatively unchanged this week?
Industry experts and analysts provide their insights.
· 23% of respondents expect rates to fall in the coming weeks
· 23% predict a further increase in mortgage rates while the remaining
· 54% forecast that mortgage rates will remain more or less unchanged