Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
According to the National Association of Realtors even as mortgage rates rose in October, many buyers signed contracts on existing homes, and the pending sales rose 7.5% from the previous month.
Compared to the same time last year the sales were 1.4% lower. Closed sales in October also rose unexpectedly.
According to NAR’s chief economist, Lawrence Yun, as the rent rates are rising and the mortgage rates are anticipated to increase, many consumers are signing contracts and buying a home.
The Midwest and South region saw huge sales, and the pending sales in the Northeast, also rose 6.9% from October, the West saw an increase of 2.1%.
According to Mortgage News Daily, in mid-September, the average rate on a 30-year fixed mortgage was below 3% but rose to 3.22% by the end of October.
Last Friday, the mortgage rates dropped again with the news of the new variant of virus economy will see a big hit again.
Yun also said, the excellent gain in October now assures that the total existing-home sales this year will exceed 6 million.
As big builders are slowing sales due to supply chain issues in construction resulting in the rates of homes hitting roofs, it is not possible for consumers on the lower end of the market to buy a home now.
Reference Source: CNBC
