After 4 weeks of increases, mortgage rates finally recede nationwide.
In July, the third time this year, the Pending Home Sales Index crossed its benchmark value of 100, moving to 101.7.
As reported by the U.S. Department of Commerce, 372,000 new homes were sold in July on a seasonally-adjusted, annualized basis.
According to the Federal Home Finance Agency’s Home Price Index, home prices rose by a seasonally-adjusted 0.7 percent between May and June 2012. The index is now up 3.0% over the past 12 months, and made its biggest quarterly gain since 2005 last quarter.
Conforming mortgage rates fell last week for the first time this month, breaking a 4-week losing streak.
Eariler this week, the Federal Reserve released the minutes from its 2-day meeting which ended August 1, 2012. Since the release, mortgage rates have dropped.
Home resales climbed 2% last month as the housing market continues its slow, steady recovery.
Mortgage markets worsened for the third straight week last week as the U.S. economy showed new signs of expansion, and as little new news came from Europe.
For August 2012, the National Association of Homebuilders reports the monthly Housing Market Index at 37 — an increase of more than 100% from one year ago and the highest HMI value since February 2007.
Should you lease a new car, or should you buy one? Like most financial questions, the answer depends on your situation