Analysts are forecasting a jump in Existing Home Sales today. An annualized figure of 5.27 million is the expectation, 0.9 points higher than May’s figure.
30-year fixed mortgage rates rose above 4% this summer for the first time in a year. Rates were 3.45% in April. Some are hesitant concerning how the housing market is going to react to the rate jump. Millian Mulraine from TD Securities said that “It will take a while to know for sure if housing can handle the spike in rates. The numbers will be noisy for a month or so,” according to MarketWatch.
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