San Diego Mortgage Rates Update

The National Association of Realtors released Pending Home Sales  data today.  The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts signed, not closings, which usually occur with a lag  time of one or two months after the home sales contract is signed.

Regionally, the Midwest saw the biggest month over month uptick while the West extended its losing streak to five months.

• The Northeast rose 9.0 percent to 77.7 and is 18.9 percent higher than February 2009
• In the Midwest the index jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago
• In the South increased 9.2 percent to an index of 107.0 and is 17.5 percent higher than February 2009.
• The West  fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.