Navigation
Powered by Squarespace
« Existing home sales and prices up | Main | Economy shows signs of inflation picking up »
Saturday
Mar252017

Mortgage rates drop this week

Mortgage rates drop this week  - The Freddie Mac Primary Mortgage Survey released on March 23, 2017 reported that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.23%, down from 4.30% last week. The 15-year fixed average rate was 3.44%, down from 3.50% last week. The 5/1 ARM average rate was 3.24%, down from 3.28% last week. 


U.S. new home sales surge in February - The Commerce Department reported that new home sales rose 6.1% in February from January's sales pace levels.  Year over year new home sales increased a staggering 13% from last February, 2016. The National Association of home Builders / Wells Fargo builder sentiment index rose to its highest reading since June 2005. 


Low inventory leads to a decline in sales of pending existing homes - The California Association of Realtors reported that new contracts signed for the purchase of existing homes in February declined 2.6% year over year from the number of contracts last February.  Month over month pending sales increases 3.2% from January's pending contract level. It's best to compare year over year rather than month over month due to seasonal reasons.  Pending home sales is an indicator of closed sales.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>