What is Happening in the Mortgage Market

Pending home sales for the month of October climbed 10.4% to 93.3, the highest level of 2011. This also represents a 9.2% increase over October of last year.

Pending home sales is a forward looking indicator that measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes.

My Realtor contacts tell me that Dallas and Forth Worth home sales are strong and the good homes are moving quickly.

If you are thinking of buying I would suggest you move sooner rather than later to secure the lowest rates and the lowest home prices. According to the Mortgage Bankers Association (MBA) mortgage rates are moving slightly higher but are predicted to stay below 5% in 2012.

I provide a daily mortgage rate lock advisory to my clients. If you would like some insight regarding daily rate movement visit my website, www.mortgageprosus.com/DailyRateLockAdvisory or just give me call.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454Office: (972) 661-513617440 Dallas Parkway Suite 118 Dallas, TX 75287Texas Mortgage Banker Registration #45300 NMLS ID 6666