The Pending Home Sales Index, which is a forward-looking indicator based on home contract signings, increased 1.1% to 105.4 in May, up from April’s 104.3. Pending home sales in the northeast rose 3.5% to a 92 reading. The National Association of Realtors (NAR) Chief Economist Lawrence Yun said, “The lower-than-usual mortgage rates have led to the increase in pending sales for May.”
Mortgage rates for the week ending June 27th, have tumbled to their lowest levels since late 2016. Yun went on to say, “Lower rates create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.” The key right now is matching supply and demand. Homes are selling at a swift pace, and there is a need for home builders to ramp up construction to help assist in balancing the two.
Now is a great time for first-time homebuyers, as well as current homeowners looking to downsize or move-up from their existing homes, to capitalize and lock-in on these very low rates.
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Sources:
https://bit.ly/2YfAt8W
https://on.mktw.net/2ZWBS4J