Home sales up, mortgage apps down
Pending home sales rose 3.5% from January to February, to their highest level in 7 months, according to data from the National Association of Realtors. The year-over-year increase was only 0.7%, however.
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“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory,” NAR chief economist, Lawrence Yun, says in a statement.
Mortgage applications ticked down 1% last week from the previous week, according to the Mortgage Bankers Association’s weekly survey. Purchases rose 2% while refinances fell by 3%.
The current interest rate environment means that potential borrowers can afford to take their time before committing to anything, Sinnott says.
“With house prices dropping and rates staying at very stable levels, it really gives them an advantage, especially on the purchase side,” he says.
On the other hand, you may want to act fast, advises Pava Leyrer, chief operating officer at Northern Mortgage Services in Grandville, Michigan.
“Get out there and get your house before someone else does.”
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