Pending sales rise to 78,006

HousingWire reported on May 16 that U.S. pending home sales rose to 78,006, citing its weekly contract data as mortgage rates stayed near their highest levels of 2026. The report said buyer demand was still running ahead of last year even as Treasury yields pushed higher. Mortgage Bankers Association data released May 13 showed purchase mortgage applications rose from both the prior week and a year earlier. Freddie Mac said on May 14 that the average 30-year fixed mortgage rate was 6.36%, little changed from the prior week. ### Why are pending sales getting attention instead of closed sales? HousingWire’s weekly pending-sales tracker put the national count at 78,006 for the latest reading published May 16, giving a near real-time view of homes that are under contract but not yet closed. HousingWire says pending sales matter because they show buyer activity earlier in the transaction process than completed sales do. The National Association of Realtors describes pending home sales as signed contracts on existing homes that typically lead existing-home sales by one to two months. That makes the series one of the earlier signals for where closed sales may head next. ### What do mortgage applications say about current buyer demand? (housingwire.com) The Mortgage Bankers Association said on May 13 that mortgage applications increased 1.7% from the prior week for the week ending May 8. The seasonally adjusted purchase index rose 4% week over week, and the unadjusted purchase index was 7% higher than the same week a year earlier. (nar.realtor) Joel Kan, MBA’s vice president and deputy chief economist, said purchase applications were “7% ahead of last year’s pace,” with all loan types showing gains in purchase activity. Kan said potential buyers had “shrugged off the current economic and mortgage rate uncertainties and returned to the market.” (newslink.mba.org) ### How high are mortgage rates right now? Freddie Mac said on May 14 that the average 30-year fixed-rate mortgage was 6.36%, down slightly from 6.37% a week earlier. A year earlier, the same rate averaged 6.81%, according to the company’s Primary Mortgage Market Survey. MBA’s weekly survey showed a somewhat higher contract rate because it measures a different sample and methodology. (newslink.mba.org) The group said the average contract interest rate for 30-year fixed mortgages with conforming balances rose to 6.46% from 6.45% in the latest week, the highest level in five weeks, according to Kan. (freddiemac.com) ### Where does the 10-year Treasury fit into this? HousingWire said the 10-year Treasury yield was near 4.60% on May 16 as bond yields moved up and kept pressure on mortgage pricing. Mortgage rates do not move one-for-one with the 10-year yield, but Treasury moves are a closely watched benchmark for financing costs across housing. (newslink.mba.org) Freddie Mac’s published weekly range shows the 30-year mortgage rate has stayed between 5.98% and 6.89% over the past 52 weeks. That leaves current financing costs below last year’s level but still elevated by pre-2022 standards. ### What should readers watch next? May 21 is the next scheduled release date for Freddie Mac’s weekly mortgage-rate survey, which will show whether rates extend or reverse their recent move. (housingwire.com) MBA’s next weekly applications report will provide another check on whether purchase demand remains above year-earlier levels. (freddiemac.com)