Homebuyers got a big boost to their purchasing power this week thanks to falling mortgage rates.
div > div.group > p:first-child"> The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending Thursday, down from last week when it averaged 4.28 percent, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.40 percent.
Closed home sales jumped dramatically in February, compared with January but were still lower annually. Pending home sales in February, which measure signed contracts, were slightly lower monthly and nearly 5 percent lower annually. Mortgage rates in February were around 4.5 percent, lower than the 5 percent range last November, but not as low as today.Homebuyers, however, are still facing overheated home prices and low supply of homes for sale.
Lower mortgage rates certainly boost buying power, but the reasons behind lower rates, namely a weaker economy, could diminish buyer confidence. That may be part of what's behind the drop in pending sales.
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