![]() ![]() Builders are driving demand in part by offering incentives, like paying down mortgage rates. Sales of newly built homes in May soared 12% compared with April and were 20% higher than May 2022, according to a report Tuesday from the U.S. " Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages." "New home sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market," said Joel Kan, MBA's vice president and deputy chief economist, in a release. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates. Personal Loans for 670 Credit Score or LowerĪpplications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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