Quick Hits: Rates at 3.88, Pending Home Sales Rise

• April 26, 2012
• 1 Comment

by UrbanTurf Staff

Today in Quick Hits, interest rates remain near historic lows and pending home sales rise.

• This morning, Freddie Mac reported 3.88 percent with an average 0.7 point as the average on a 30-year fixed mortgage. A year ago, 30-year fixed rates were at 4.78 percent.

We have been saying this frequently in past weeks, but it bears repeating: the rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate. Still, rates remain near historical lows.

• The number of contracts to purchase previously-owned homes rose 4.1 percent between February and March, the National Association of Realtors reported today. The Pending Home Sales Index is a forward-looking indicator based on contract signings. The March contract numbers were 12.8 percent higher than March 2011, and the index is now at its highest level since April 2010.

This article originally published at http://dc.urbanturf.com/articles/blog/quick_hits_rates_at_388_pending_home_sales_rise/5466

1 Comment

1. Mary said at 4:34 pm on Thursday April 26, 2012:
   There are actually more homes (well, townhouses + single family homes) under contract than on the market in DC right now. It's kind of nuts.