"The 10-year Treasury yield increased more than 10 basis points this week," says Sean Becketti, Freddie Mac's chief economist. "The 30-year mortgage rate moved up, as well, to 4.19 percent—a 10 basis point-jump. This week marks the first increase in the mortgage rate since December 29.
"The 2.8 percent decline in existing-home sales in December is a reminder of the lack of homes for sale," Becketti says. "According to the National Association of REALTORS®, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate."
Article shared from: RISMEDIA, Friday, January 27, 2017
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