What's Hot: The 4 Projects in the Works (Or on Hold) Near DC's Starburst Intersection | This Week's Find: Fit For Art in the Palisades
Mortgage Rates Rise, Pending Home Sales Drop
Interest rates rose ever so slightly this week while news came that pending home sales dipped between August and September.
On Thursday, 30-year interest rates rose to 2.81%, one basis point higher than the record low set last week. Long-term rates have now been below 3% for since the last week of July.
story continues belowloading...
story continues above
Low rates have been spurring home purchase activity this year, but the National Association of Realtors reported that sales dropped in September. The Pending Home Sales Index fell 2.2% between August and September, but year-over-year, contract signings rose 20.5%.
"The demand for home buying remains super strong, even with a slight monthly pullback in September, and we're still likely to end the year with more homes sold overall in 2020 than in 2019," said Lawrence Yun, NAR's chief economist. "With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future."
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-rise-pending-home-sales-drop/17468.
Most Popular... This Week • Last 30 Days • Ever
Our guide for amateur landlords who don't really know what they're doing.... read »
The Massachusetts Avenue Heights home was previously owned by the former chief execut... read »
A large new apartment and townhouse project has been pitched for the growing pipeline... read »
On Friday, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Ec... read »
In this week's Under Contract, we highlight two homes that found buyers just shortly ... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... read »
Ten years later, plans to construct nearly 150 townhomes at DC's most hotly debated d... read »
A look at the larger residential developments in the works from Cardozo to Mount Vern... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- The Essential Guide to Being an Amateur Landlord in DC
- Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million
- A Two-Phase, 370-Unit Development Pitched For Columbia Pike Gas Station Site
- Apartments, A Plaza + Dave Chapelle: The Future Plans for 14th and U
- Under Contract: That Didn't Take Long
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
- Reservoir District: 146 Townhomes Planned at McMillan Site Look For Final Design Approval
- The 9 Developments and 1,250 Units in the Works For Shaw
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro