Latest news with #PendingHomeSalesIndex
Yahoo
2 days ago
- Business
- Yahoo
Mortgage rates rise for third straight week, hover near 7%
Mortgage rates increased for the third straight week and continue to hover near the 7% level, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.89% from last week's reading of 6.86%. It marked the highest level since Feb. 6, when the rate on a 30-year mortgage also averaged 6.89%. The average rate on a 30-year loan was 7.03% a year ago. "Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes," said Sam Khater, Freddie Mac's chief economist. When Leaving The House To Your Heirs Backfires The average rate on the 15-year fixed mortgage climbed to 6.03% from last week's reading of 6.01%. One year ago, the rate on the 15-year fixed note averaged 6.36%. Read On The Fox Business App These States Were The Housing Market Mvps, According To Meanwhile, the National Association of Realtors on Thursday said that its Pending Home Sales Index, based on signed contracts, dropped by 6.3% to 71.3 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling 1%. Pending home sales declined by 2.5% from a year earlier. "At this critical stage of the housing market, it is all about mortgage rates," said NAR chief economist Lawrence Yun. "Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market." Reuters contributed to this article source: Mortgage rates rise for third straight week, hover near 7% Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Housing contract activity dropped sharply in April as volatility and high rates reigned
Home contract signings took a nosedive in April as high mortgage rates and tariff uncertainty weighed on prospective buyers. The Pending Home Sales Index fell 6.3% in April from a month earlier to 71.3, according to the National Association of Realtors. Economists had been expecting a more modest 1% decline. A reading of 100 is equal to the level of housing contract activity in 2001. Year over year, pending contracts were down 2.5% nationwide. Contract activity was down month over month in all parts of the country and decreased year over year in all regions except the Midwest, which saw a 2.2% gain. The latest drop in activity comes even as homebuyers have more to choose from in most markets. According to nearly 1 million homes were active on the market in April, up more than 30% from a year earlier. But prices are still near all-time highs, and mortgage rates remain well above 6%, making the market unaffordable for many. Read more: When will mortgage rates go down to 4%? By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy 'At this critical stage of the housing market, it is all about mortgage rates,' NAR chief economist Lawrence Yun said in a statement. 'Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring homebuyers back into the housing market.' Last month, house hunters contended with particularly volatile mortgage rates and fresh economic uncertainty stemming from President Trump's 'Liberation Day' tariff announcements on April 2. Learn more: Historical mortgage rates — How do they compare to current rates? Investor panic in the aftermath of the tariff announcement sent stocks falling and bond yields and mortgage rates rising. Average 30-year mortgage rates started last month at around 6.64% before rocketing toward 7%. They finished the month at around 6.8% and have hovered there since. Homes usually go under contract a month or two before they're sold, and while not all contracts close, pending home sales are typically an early indicator of housing market activity. Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
US pending home sales fall sharply in April
WASHINGTON (Reuters) -Contracts to buy U.S. previously owned homes fell more than expected in April as rising mortgage rates and economic uncertainty weighed on demand. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, dropped 6.3% to 71.3 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling 1.0%. Pending home sales declined 2.5% from a year earlier. "At this critical stage of the housing market, it is all about mortgage rates," said Lawrence Yun, the NAR's chief economist. The average rate on the popular 30-year fixed-rate mortgage jumped to 6.81% in April from around 6.65% in March, data from mortgage finance agency Freddie Mac showed.
Reuters
4 days ago
- Business
- Reuters
US pending home sales fall sharply in April
WASHINGTON, May 29 (Reuters) - Contracts to buy U.S. previously owned homes fell more than expected in April as rising mortgage rates and economic uncertainty weighed on demand. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, dropped 6.3% to 71.3 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling 1.0%. Pending home sales declined 2.5% from a year earlier. "At this critical stage of the housing market, it is all about mortgage rates," said Lawrence Yun, the NAR's chief economist. The average rate on the popular 30-year fixed-rate mortgage jumped to 6.81% in April from around 6.65% in March, data from mortgage finance agency Freddie Mac showed.
Time of India
01-05-2025
- Business
- Time of India
Pending home sales in US jumped 6.1% in March 2025
WASHINGTON : Contracts to buy U.S. previously owned homes surged by the most in more than a year in March, boosted by a decline in mortgage rates . The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, jumped 6.1% to 76.5 last month. The increase was the largest since December 2023. Economists polled by Reuters had forecast contracts, which become sales after a month or two, rising 1.0%. Pending home sales fell 0.6% from a year earlier. "Home buyers are acutely sensitive to even minor fluctuations in mortgage rates," said Lawrence Yun, the NAR's chief economist. "While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential homebuyers, fueled by ongoing job growth." The rate on the popular 30-year fixed-mortgage dropped to 6.65% in March from 7.04% in mid-January, data from mortgage finance agency Freddie Mac showed.
