According to the National Association of Realtors, pending home sales in November moved slightly higher. The news was well received and taken as a sign of additional stability for the U.S. economy which is still in the recovery process.
Specifically, pending home sales in November inched higher by .2 percent to 101.7 from the downwardly revised 101.5 which posted in October. The pending home sales data represents contract signings in the sector. The index rise reveals that economic confidence is rising and that future sector data should be positively skewed. Economists analyze the data and anticipate that sector activity will be subdued somewhat, yet stable.
Gains in 2014 will be held in check due to rising home prices and rising mortgage interest rates. The economy is improving and with improving economic trends, mortgage rates and home prices are expected to track higher throughout 2014.
Mortgage interest rates notched higher in the latest week. According to Freddie Mac, mortgage interest rates for the standard 30 and 15 year fixed mortgage plans climbed higher once again.
Mortgage rates for 15 and 30 year fixed plans today January 5, 2014:
According to Freddie Mac, the interest rate for the standard 30 year fixed plan rose to 4.53 percent. The average interest rate for the standard 15 year plan rose to 3.55 percent last week.