Sales of previously owned homes rose 14.5% in February from the prior month as mortgage rates fell, according to the National Association of Realtors.
National Association of Home Builders CEO Jerry Howard surveys the state of the housing market as the U.S. economy continues to grapple with inflation on ‘Varney & Co.’
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," Lawrence Yun, the chief economist at NAR, said in a statement. "Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs." The average rate on a 30-year fixed mortgage fell to 6.09% at the beginning of February before beginning to trend higher, according to data from Freddie Mac, the lowest level since September.
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