Sales of existing homes fell 3.7 percent last month to a seasonally adjusted annual rate of 5.48 million, the National Association of Realtors said Wednesday. The decline may represent just a temporary slump after the sharp sales increase in January.
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With the Federal Reserve having raised its benchmark interest rate Wednesday and signaled the likelihood of additional rate hikes later this year, consumers and businesses will feel it — if not immediately, then over time.
Mortgage buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate home loans fell to 4.23 percent from 4.30 percent last week. The benchmark rate stood at 3.71 percent a year ago and averaged 3.65 percent in 2016, lowest in records dating to 1971.
New-home sales rose 6.1 percent month-over-month to a seasonally adjusted annual rate of 592,000, the Commerce Department said Thursday.