U.S. pending home sales rose 1.3% from a week earlier to their highest level since the first half of May during the four weeks ending July 5, according to a new report from Redfin. The uptick was partly driven by a temporary dip in mortgage rates, with the weekly average falling to 6.43% on July 2, the lowest in six weeks, which pushed the median monthly housing payment down to $2,598. However, rates have since rebounded, with the daily average climbing to 6.68% on July 8. The median sale price increased 2.2% year over year to $408,808, just about $500 shy of the all-time high, while new listings fell 2.5% week over week to their lowest level since January.
Rocket Companies IncPending home sales rise signals increased mortgage origination demand for Rocket Companies.