|10 year government bond yield||0.92%|
|30 year fixed rate mortgage||2.78%|
Stocks are flattish as we end out 2020. Bonds and MBS are flat as well.
Pending Home Sales fell 2.6% in November, according to NAR. Year-over-year contract signings were up.
“The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist. “It is important to keep in mind that the current sales and prices are far stronger than a year ago.”
“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates,” Yun said.
For 2021, NAR predicts existing home sales will rise 10% and new home sales will rise 20%. The mortgage rate will rise slightly from 2.7% to 3%.
Initial Jobless Claims fell to 787k last week.
Other than that, have a Happy New Year and see you on the other side.