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Lamkin Rate Advisory Update

New Home Sales Outpace Last Year

Jon Lamkin

Wednesday, January 29, 2014 • 1:23pm

Sales of new single-family homes for December 2013 came in at a seasonally adjusted annual rate of 414,000. This is 7.0% below the revised number for November, but 4.5% above the December 2012 figure of 368,000.

Mortgage rates are likely to be influenced by the Federal Reserve meeting this week with its policy announcement due on Wednesday. It is widely anticipated that the Fed will reduce its bond purchases by another $10 billion per month.

A decision not to continue the taper may indicate the Fed has lost a little bit of faith in the economy's ability to grow without support. The GDP estimate for Q4 is scheduled for release on Thursday and is estimated to come in at 3.0%.

This column takes a look at current mortgage rates, market trends and indexes.  Jon Lamkin is Vice President of Mortgage Lending for Guaranteed Rate, 322 Route 46 W Suite 170 • Parsippany, NJ • 07054.  He may be reached at 973.939.8661  /  jon.lamkin@guaranteedrate.com  /  www.guaranteedrate.com/jonlamkin

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TheAlternativePress.com or anyone who works for TheAlternativePress.com. TheAlternativePress.com is not responsible for the accuracy of any of the information supplied by the writer.

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