WASHINGTON – Despite fixed rate mortgages rising to more than 6.0% in July, sales of existing homes rose 5% to a record high of last month, the National Association of Realtors reported. Sales of already owned homes rose to a seasonally adjusted rate of 6.12 million. Some analysts had forecasted a rate of 5.94 million homes. Experts blamed the home sales on consumers' concerns that mortgage rates could continue to go even high and they'd miss out on low rates. Some economists have predicted mortgage interest rates will rise to around 6.5% by the end of the year.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.