Pending Home Sales and New Home Sales Improve:
The number of contracts signed to buy previously owned homes in November rose to the highest level in more than two years on a seasonally adjusted basis, the latest sign of how housing demand has firmed up.
In a separate report, New-home sales rose in November, recording their strongest pace in more than 2 years, another sign of improvement in the housing market.
The Census Bureau reported Thursday that sales of new homes rose to an annual rate of 377,000 in the month, up 4.4% from October, and up 15% from year-earlier levels. It was the highest rate of new-home sales since April 2010, when sales were inflated by a temporary $8,000 tax credit for home buyers.
What Happened to Rates Last Week?
Mortgage backed securities (MBS) gained +13 basis points from last Friday to the prior Friday which caused 30 year fixed mortgage rates to move slightly lower. We had our highest mortgage rates on Monday and our lowest rates on Friday.
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