pending home sales increased in february for the third consecutive month a sign that the housing market has turned a corner according to a trade group’s chief economist the national association of realtors’ pending home sales index increased 08 from the month prior in february the gain was a surprise economists had anticipated a 3 drop according to factset consensus estimates the index based on contract signings typically leads changes in the association’s existinghome sales report by one to two months the trade group says the gain is among the signs heralding an end to the housing market’s contraction lawrence yun the association’s chief economist said in a wednesday statement “existinghome sales pending contracts and newhome construction pending contracts have turned the corner and climbed for the past three months” he said despite the gain from the month prior the index level was 211 lower than one year ago reflecting the impact of higher housing costs on the market the average 30year fixed mortgage rate at the end of february was 650 according to freddie mac’s weekly survey well above yearago levels while pending sales gained from the month prior nationally the uptick wasn’t uniform sales in the northeast midwest and south gained from the month prior while they fell 24 in the west “the affordable us regions—the midwest and south—are leading the recovery” yun said adding that mortgage rates have improved following bank sector upheaval earlier this month “while access to commercial mortgage loans could become increasingly difficult residential mortgage loans are expected to be more readily available” weekly data published by the mortgage bankers association shows that the volume of loan applications has increased as mortgage rates have pulled back mortgage rates measured by the mortgage bankers association fell to the lowest level in more than a month last week while purchase loan applications gained for the fourth week in a row the trade group said wednesday “homeprice growth has slowed markedly in many parts of the country which has helped to improve buyers’ purchasing power” joel kan the mortgage bankers association’s chief economist said in a statement “purchase applications remain over 30 behind last year’s pace but recent increases along with data from other sources showing an uptick in home sales is a welcome development” the average mortgage rate last week was 642 according to freddie mac—a decrease of 018 percentage points from the week prior investors will get their next weekly read on mortgage rates on thursday