US pending home sales for March 6.1% vs 1.0% estimate

• Prior month +2.0%
• Pending home sales 6.1 vs 1.0% estimate
• Index 76.5 vs 72 last month
• Mortgage rates fell by around 20 to 30 basis points in March from the first two months of this year. The average mortgage rate was 6.65% in March, down from a 6.96% average in January and down from a 6.84% average in February.

• Northeast: PHSI fell 0.5% to 62.5 (down 3.0% year-over-year)

• Midwest: PHSI rose 4.9% to 77.7 (up 1.4% year-over-year)

• South: PHSI surged 9.8% to 94.1 (down 0.4% year-over-year)

• West: PHSI increased 4.8% to 58.6 (down 2.0% year-over-year)

According to NAR Chief Economist Lawrence Yun, "Home buyers are acutely sensitive to even minor fluctuations in mortgage rates. While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth."