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Some better economic news, but rates are not moving any higher.

Pending home sales - a measure of mortgage contracts signed and an indicator of possible home closings - in November increased 7.3% from October, reaching its highest level in 19 months, the National Association of Realtors said Thursday.  Housing Wire - 12/29/2011http://www.housingwire.com/2011/12/29/pending-home-sales-up-7-3-in-november This news, which follows recent reports on stronger retail sales and lower jobless claims, would normally create optimism in the financial markets and cause treasury yields and mortgage rates to rise.  Better than expected economic news of late, however,  continues to be tempered by the European debt crisis and the potential of global recession as a result.  Most economists are therefore not expecting the recent improvement in the U.S. economy to continue in 2012.  Rates have consequently remained relatively flat or even lower despite this positive economic news in in the U.S.  http://www.miamiherald.com/2011/12/28/2564101/economists-arent-very-hopeful.html

Contact Jonathan Rodd; Mortgage Advisor;  Century 21 Mortgage; 802-683-0812 or jonathan.rodd@mortgagefamily.com

 

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