Contracts have been signed — a lot of them. The Pending Home Sales Index tracks the number of contracts people have entered into with the intent of purchasing a previously-owned home—as opposed to tracking the number of closed sales—and the number of contracts signed in February rose to the highest level sine June of 2013. Would-be sales rose 3.1 percent for the month and have risen 12 percent since this time last year according to the National Association of Realtors, the group that publishes the report. This boost was mainly driven by gains here in the West and in the Midwest, and is further evidence of the U.S. housing market’s renewed strength. Meanwhile conforming no point 30 year fixed mortgage rates average 3.75 percent with 15-year rates closer to 3 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.