Sales of previously occupied homes rose in January to the highest pace in nearly two years, a hopeful sign ahead of the spring-buying season.
The National Association of Realtors said Wednesday that home sales increased 4.3 percent last month to a seasonally adjusted annual rate of 4.57 million. That's the highest level since May 2010.
Home sales have risen nearly 13 percent over the past six months. While they are still well below the 6 million that economists equate with a healthy market, the gains have coincided with other changes in the market that suggest slow but steady improvement.
“The trend is clearly upward,” said Ian Shepherdson, chief U.S.
Market Update Provided by WR Starkey Mortgage - Michael Collins, Loan Officer
Office: 817.927.2014 ext. 240
Mortgage bond prices were slightly lower last week, which pushed mortgage interest rates higher. Rates were positive the beginning of the week following weaker than expected retail sales data but rose sharply following unfriendly data Thursday. Lower than expected weekly jobless claims started the negative trend. The figure was the lowest since 2008. A surge in the core producer price index also added pressure to rates. The core rose 0.4% in comparison to the expected 0.2% increase. Fortunately the core consumer price index was in line with expectations,
Following are comments about the interest rates that are provided to Alexander Chandler Realty from Michael Collins, Loan Officer at WR Starkey Mortgage in Fort Worth:
Market Comment - Week of February 13th, 2012
Mortgage bond prices were only slightly higher last week which kept mortgage interest rates in check. The Greek debt restructuring talks dominated trading. Greece was pushed to enact austerity measures in an effort to restructure their current debt and avoid default but those talks stalled without any action and default fears continued as of late Friday. Lower than expected weekly jobless claims resulted in a spike in rates Thursday morning. Weaker than expected consumer sentiment data, considerably weaker stocks, and news that