According to Freddie Mac's weekly survey, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.83% in April, up from 5.45% in March; the rate a year earlier was almost the same at 5.81%.
“It appears that we’ve already experienced most of the anticipated rise in mortgage interest rates and they’ll probably increase only modestly in the second half of the year,” said NAR President Walt McDonald, broker-owner of Walt McDonald Real Estate in Riverside, CA.
Existing home sales in April rose 4.4% in the Midwest, 3.5% in the South, 1.4% in the Northeast and 0.5% in the West.
There were 2.57 million existing homes for sale in April, a 4.6-month supply.
Mark Your Calendar for NAHB's Fall Construction Forecast Conference
Get the latest forecasts on housing starts, project budgets and other economic bellwethers of the housing industry at NAHB's Fall Construction Forecast Conference at the National Housing Center in Washington, D.C. on Oct. 27. Click here for more information.
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