US Mortgage Rates Rise To Seven Year High, New Home Sales Crash

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    Helmholtz Watson

    The housing market has been struggling most of…



    [b]US pending home sales for September 0.5% versus 0.0% expected

    Contracts to buy previously owned homes in the United States fell 1 percent year-on-year in September of 2018, following an upwardly revised 2.4 percent drop in August.

    Prior month revised lower to -1.9% from -1.8%

    It marks the ninth consecutive month of annual declines in pending home sales.

    On the month

    The West + 4.5%
    The Midwest +1.2%
    Northeast -0.4%
    South -1.4% on hurricane issues.

    Pending Home Sales in the United States averaged 0.92 percent from 2002 until 2018, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.

    This shows that buyers are out there on the sidelines, waiting to jump in once more inventory becomes available and the price is right. Though affordability has been falling recently the demand for housing should remain steady National Association of realtors Lawrence Yun


    Mortgage Bankers Association for the week ending 26 October 2018

    All indices have pulled back with higher rates

    US MBA mortgage applications -2.5% vs +4.9% prior
    Purchase index 224.9 vs 228.4 prior
    Market index 329.5 vs 337.8 prior
    Refinancing index 884.2 vs 919.6 prior
    30-year mortgage rate 5.11% vs 5.11% prior

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