Last week’s economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April’s FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released.
Existing Home Sales Rise As Home Inventory Shrinks
Home sales rose for the 11th consecutive month according to the National Association of REALTORS® Existing Home Sales Report for January.
Existing Homes For Sale At Lowest Point In 11 Years
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.
Pending Home Sales Index Cruises To Multi-Year High
In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4.
What’s Ahead for Mortgage Rates This Week: December 24, 2012
Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent — an increase of 0.05 percentage points from the week prior.
