Overview
- NAR’s index of contract signings, released Tuesday, rose 1.5% in March to 73.7 as year-over-year activity slipped 1.1%, with gains in the Northeast and South and declines in the Midwest and West.
- After mortgage rates climbed through March to about 6.38% on Middle East tensions, they eased in mid-April and a Wednesday MBA report showed purchase applications jumped 10.1% for the week ended April 17.
- Freddie Mac’s latest survey on Thursday put the average 30-year rate near the lowest since mid-March, a shift that has started to draw rate-sensitive shoppers back into the market.
- Realtor.com reported pending listings up 3.9% from a year ago and new listings up 21.2% from February, giving buyers more choices as list prices have softened in many areas.
- A Coldwell Banker agent survey found about 35% of current sellers hold mortgages under 5% yet are listing anyway, suggesting the lock-in effect is easing even as first-time buyers remain highly sensitive to small rate moves.