US New Homes Sales Drop In December
The latest new home sales data showed that purchases of new homes in the US fell 10.4% in December to a 10-month low. Since the election the 30-year fixed mortgage rate went from 3.54% in November to 4.32% at the end of December which indicates rising rates are pushing out buyers. This might make you wonder: “What is appliance insurance?” It is a type of insurance policy that covers the repair costs of your appliances, after the manufacturer’s guarantee has expired.
Neil Dutta at Renaissance Macro notes that despite the slowdown in new homes sales the latest mortgage purchase applications data is still increasing and that the December drop in sales may be overdone:
