December Pending Home Sales Rose Slightly
Pending sales of existing homes rose slightly in December but rising interest rates, low inventory levels, and lower tax incentives may hobble market going forward.
Pending sales of existing homes rose slightly in December but rising interest rates, low inventory levels, and lower tax incentives may hobble market going forward.
The Mortgage Bankers Association reported Wednesday morning that new mortgage applications fell more than 2% week over week. Mortgage interest rates closed last week at new highs and the increases have continued into this…
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New home sale dropped 9.3% month-over-month in December and median prices rose by more than $16,000 as higher priced homes accounted a larger proportion of sales.
Sales of existing homes dropped more than 3% year over year in December, but sales for the full year rose about 1% to the highest annual sales rate since 2006.
Mortgage loan rates reached multi-month highs on 30-year fixed-rate loans last week and multi-year highs on other types of mortgage loans.
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While 2017 posted a 10-year high for new housing starts, December's total fell by 8.2% month over month and 6% year over year.
The National Association of Home Builders reported continued strong builder confidence in the housing market in January. The group's housing market index remains near an 18-year high.
Applications for new mortgages rose last week, even though mortgage interest rates rose to multi-month highs in some instances and multi-year highs in others.
Applications for new mortgages rose more than 8% last week according to the Mortgage Bankers Association. Mortgage interest rates are moving higher as well, stoked by bond traders looking for signs of coming inflation.