Weekly Update

The National Association of Realtors is reporting that pending home sales ticked up last month to 97.4 after months of declines. (The index fell 0.8 percent in the Midwest, however.)

The NAR is forecasting 4.9 million existing home sales this year, which is less than last year, but ongoing inventory shortages are expected to push average sales prices up.

Despite recent weakness in housing reports, it appears more Americans are bullish about home ownership, according to a new Gallup survey released last week.

Bottom Line for Mortgages:

Rates have been moving within a very narrow range over the last week and remain very favorable. This week has the potential to stir things up, with the Fed’s Open Market Committee Rate Decision on Weds., and the monthly update to the Jobs Report on Friday.

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