Low 15 and 30 year mortgage rates remain near historic lows says Freddie Mac; Pending and existing home sales update
Posted on | November 27, 2014 | No Comments
Housing sector news and mortgage interest rate update today November, 27, 2014:
The housing sector data that posted last session was below expected levels. The Commerce Department reported that new home sales rose .7 percent in October to the annual rate of 458,000. This data was sluggish and pairs with the negatively skewed revision of September’s numbers. New home sales in September were downwardly revised to the annual pace of 455,000. Since the housing sector is considered the backbone of the overall economic recovery process in the U.S., this report weakened overall trader confidence and market momentum.
Also negatively skewed was the pending home sales data. According to the National Association of Realtors, U.S. home buyers signed fewer contracts to buy existing homes in October. The pending home sales index fell 1.1 percent from the previous month’s reading of 2.2 percent. Despite the month over month pending home sales decrease, October represents that second straight month of annual gains. Home sales remain relatively healthy at this stage of the game and the still low mortgage interest rates supports positive sector activity.
Current mortgage interest rate trend review today November 27, 2014:
Freddie Mac reports that the mortgage interest rate for the 30 and 15 year fixed plans remains near historic lows. The average rate on the 30 year fixed plan posts at 3.97 percent and the average rate on the 15 year fixed plan posts at 3.17 percent according to Freddie Mac’s primary mortgage market survey. The low rates should continue to spark additional contract signings as this year comes to a close.
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