Pending Home Sales Decline But Remain Broadly Range-Bound
Pending home sales declined in June as elevated mortgage rates and record-high home prices continued to weigh on buyer demand. The National Association of Realtors' Pending Home Sales Index (PHSI), which tracks signed contracts on existing homes, fell 5.4% from May and was down 0.3% compared with a
Builder Confidence Remains Stuck Near Post-Recession Lows
Builder sentiment weakened further in July as affordability challenges and ongoing economic uncertainty continued to weigh on the market for new single-family homes. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) slipped two points to 34 , marking the 15th co
Higher Refi Demand Despite Higher Rates
Mortgage application volume declined again last week as higher borrowing costs weighed on home purchase demand. The Mortgage Bankers Association (MBA) reported a 2.7% decrease in total application volume on a seasonally adjusted basis for the week ending July 10, even as refinance activity posted a
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