Instant Reaction: Mortgage Rates, April 25, 2024

This week's economic releases show a spring landscape that is taking longer to bloom. Mortgage applications are down this week, mortgage interest rates are up, pending home sales are up, and GDP grew less than expected, with personal consumption expenditure up. The bottom line for spring home buyers

Pending Home Sales Ascended 3.4% in March

Key Highlights Pending home sales increased 3.4% in March. Month over month, contract signings rose in the Northeast, South and West but dropped in the Midwest. Compared to one year ago, pending home sales declined in the Northeast and South while the Midwest and West improved. " data-src="https://w

Housing Affordability Weakened in February 2024

According to NAR's Housing Affordability Index, housing affordability declined nationally in February compared to the previous month. The monthly mortgage payment decreased by 3.0%, while the median price of single-family homes declined modestly by 1.5%. The monthly mortgage payment decreased by $59