Monday, August 26, 2019 / by Burt Horwitz
Low mortgage rates helped boost existing home sales in July, according to the National Association of Realtors.
Sales of single-family homes, townhomes, condominiums and co-ops rose 2.5 percent after a slump in June to a seasonally adjusted annual rate of 5.42 million, according to the association. Overall sales were up 0.6 percent from a year earlier.
The rise in home sales came as the average 30-year fixed mortgage rate has fallen more recently to 3.6 percent, the lowest it’s been since November 2016, according to mortgage buyer Freddie Mac.
“Falling mortgage rates are improving housing affordability and nudging buyers into the market,” said Lawrence Yun, chief economist at the National Association of Realtors.
Great time to buy a Florida home. Contact me via IM and I'll gladly setup home showings for you anywhere in South Florida.
Burton Horwitz – Realtor
Article by James Leggate -Published August 21, 2019