Mortgage Rates Oh So Close to 3 Year Lows

Existing-home sales pulled back sharply in January, quickly dashing any hopes that December’s year-end rebound brought, as harsh winter weather and still-tight supply conditions weighed on activity. Sales fell 8.4% to a seasonally adjusted annual rate of 3.91 million, the lowest levels since November 2024. According to the National Association of Realtors (NAR), transactions were also 4.4% lower than the same time last year, with every region posting both month-over-month and year-over-year declines. “The decrease in sales is disappointing,” said NAR Chief Economist Lawrence Yun. Perhaps an understatement, especially after the strong showing last month. He added that affordability is nevertheless improving, with wage gains outpacing price growth and mortgage rates running l