Existing home sales continued to edge up from September to October and the Mortgage Bankers Association raised its origination forecasts for the second half of this year.
On Monday the National Association of Realtors reported existing homes were sold at a seasonally adjusted annual rate of 6.34 million in October, up 0.8% from September and down 5.8% from October 2020. From August to September, sales rose 7%.
"Outside of last winter's surge, which made up for missed sales following COVID-19's arrival, present sales are at their highest level since 2006," NAFCU Chief Economist Curt Long said Tuesday. "According to Freddie Mac, the average rate on a 30-year mortgage increased by 17 basis points in October, but that has not made a meaningful dent in sales."
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