New Home Sales Up in August
In August home buyers went shopping! Single family home sales totaled 552,000. That's the best monthly figure since February 2008 and an encouraging sign of the housing market's momentum.
It was nearly a 6% increase from July, which was also revised up, according to the Census Bureau.
Economists atribute 30-year fixed mortgage reciepiants looking to take advantage of the historically low rate of 3.9% before the Fed raises rates later in the year.
Just a decade ago the mortgage rate was 5.8%, and 20 years ago it was 7.8%.