Day: July 9, 2020

Pending Home Sales Retreat Even as Mortgage Rates Dip to New Low

Key Takeaways

  • Pending sales were down 8% from a year earlier during the week ending June 28, although the decline was only 3% after adjusting for seasonal effects.
  • New listings are now down 8% from a year ago, a slight improvement from a week earlier.
  • Weekly average mortgage rates hit a new low at 3.07%, but mortgage purchase applications declined 2% from a week earlier.
  • New cases of COVID-19 are up 411% month-over-month in the Phoenix area and 452% in Las Vegas, while year-over-year pending sales are down 15% and 17% respectively (two weeks earlier pending sales were up 27%
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New Home Loans Fall In “Most Difficult Lending Environment In 30 Years”

New mortgage lending has dropped sharply to its lowest value in 12 months, while refinancing has hit a historic high, latest housing finance figures reveal.

The Australian Bureau of Statistics data, released Thursday, showed the total value of mortgage lending actually increased by 2.8% in May 2020 to $31.5 billion – but broken down, $16.4 billion went to new loans and $15.1 billion to those refinancing – with the latter a record high value.

Lending for new mortgages dropped sharply in May 2020. Picture: Getty

Cameron Kusher,’s executive director of economic research, said the unusual trends reflect the height

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