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Home Purchase Contracts Decline
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Home Purchase Contracts Decline
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Home Purchase Contracts Decline
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Rising interest rates and a lack of housing inventory contributed to a decline in signed housing contracts according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.4 percent to 110.9 in June from 111.3 in May but was still 10.9 percent higher than in June of last year when the Index was at 100.0.

In May, the Index had reached its highest level in over six years.

Lawrence Yun, chief economist of NAR, stated, “Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June. The persistent lack of inventory also is contributing to lower contract signings.”

Two of the four regions in the Index posted declines in their monthly level of sales contract activity, while one region remained unchanged. All four of the regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 2.1 percent from the previous month while the Midwest followed with a decline of 1.0 percent.

The West was the only region that reported a gain in contract signings, increasing by 3.3 percent while the Northeast remained unchanged from the previous month.

The Midwest reported the largest increase in contract signings compared to June of last year with a 19.5 percent increase followed by the Northeast which reported a gain of 12.2 percent, while the South and the West posted increases of 9.5 and 4.4 percent, respectively.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Yun added, “Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels.”

Tags: pending home sales, existing home sales, contract signings

Source:
National Association of Realtors

Reported by Chris Moore

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Rising interest rates and a lack of housing inventory contributed to a decline in signed housing contracts according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.4 percent to 110.9 in June from 111.3 in May but was still 10.9 percent higher than in June of last year when the Index was at 100.0.

In May, the Index had reached its highest level in over six years.

Lawrence Yun, chief economist of NAR, stated, “Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June. The persistent lack of inventory also is contributing to lower contract signings.”

Two of the four regions in the Index posted declines in their monthly level of sales contract activity, while one region remained unchanged. All four of the regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 2.1 percent from the previous month while the Midwest followed with a decline of 1.0 percent.

The West was the only region that reported a gain in contract signings, increasing by 3.3 percent while the Northeast remained unchanged from the previous month.

The Midwest reported the largest increase in contract signings compared to June of last year with a 19.5 percent increase followed by the Northeast which reported a gain of 12.2 percent, while the South and the West posted increases of 9.5 and 4.4 percent, respectively.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Yun added, “Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels.”

Tags: pending home sales, existing home sales, contract signings

Source:
National Association of Realtors

Reported by Chris Moore

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

Rising interest rates and a lack of housing inventory contributed to a decline in signed housing contracts according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.4 percent to 110.9 in June from 111.3 in May but was still 10.9 percent higher than in June of last year when the Index was at 100.0.

In May, the Index had reached its highest level in over six years.

Lawrence Yun, chief economist of NAR, stated, “Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June. The persistent lack of inventory also is contributing to lower contract signings.”

Two of the four regions in the Index posted declines in their monthly level of sales contract activity, while one region remained unchanged. All four of the regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 2.1 percent from the previous month while the Midwest followed with a decline of 1.0 percent.

The West was the only region that reported a gain in contract signings, increasing by 3.3 percent while the Northeast remained unchanged from the previous month.

The Midwest reported the largest increase in contract signings compared to June of last year with a 19.5 percent increase followed by the Northeast which reported a gain of 12.2 percent, while the South and the West posted increases of 9.5 and 4.4 percent, respectively.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Yun added, “Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels.”

Tags: pending home sales, existing home sales, contract signings

Source:
National Association of Realtors

Reported by Chris Moore

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.