Existing Home Sales - Rate Update

Good news is existing home sales were reported higher today than what previous was expected. This means many buyers who were on the fence decided to take advantage of lower rates and favorable home prices. This is definitely a step in the right direction.

Mortgage rates saw an uptick the end of last week. Rates for well qualified borrowers still remain in the low 5's on a 30 year fixed rate. The Federal Reserve will wrap up it's meeting this week. Most expect little to no movement in mortgage rates as a result.