US Pending Home Sales Tumble For 5th Straight Month As Rates Soar, Mortgage Apps Plunge

After the unexpectedly large drops in new- and existing-home-sales, analysts expected pending home sales to also fall in March (though only modestly) and they did, dropping 1.2% MoM (worse than the 1.0% drop expected) leaving pending home sales down 8.9% YoY…

Source: Bloomberg

This is the 5th straight month of declines for pending home sales and is right before mortgage rates started to explode higher. This is the lowest Pending Home Sales index print since May 2020…

Source: Bloomberg

And just as we noted with new- and existing-home sales, there is likely far more pain to come as mortgage rates surge…

Source: Bloomberg

And mortgage applications plunge…

Source: Bloomberg

And this is all BEFORE Powell unleashes hell.