The outlook for the U.S. economy improved last week, taking the mortgage bond market with it. For the first time this year, conforming mortgage rates rose from one week to the next.
Low home prices and mortgage rates have combined to push home affordability to record levels nationwide. Home buyers are taking advantage.
Mortgage markets worsened last week on renewed optimism from the Eurozone, additional evidence of a U.S. economic recovery, and ongoing strength in housing.
Home resales moved to a 10-month high in November, the latest in a series of strong showings from the housing sector.
After 3 consecutive months of easing, the Pending Home Sales Index jumped 10 percent in October, lending credence to the belief that housing is in recovery.
The housing market continues to signal that a broad rebound is underway. In October, despite sparse home inventory, the number of properties sold increased 1.4% nationwide.
Nationwide, fewer homes are going under contract to sell.
According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, September’s Existing Home Sales eased by 150,000 units, falling to 4.91 million units nationwide.
According to the National Association of REALTORS®, Existing Home Sales rose 8 percent in August.
After 3 straight months of gains, the Pending Home Sales Index slipped 1 percent in July.