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After being negatively impacted by hurricanes in the previous quarter, sales of new U.S. single-family houses rebounded in November, but rising loan rates could hurt revenue next year. New home sales jumped 5.9 % to a seasonally adjusted annual rate of 664, 000 units last month, the Commerce Department’s Census Bureau said on Monday. The sales rate for October was revised higher to a level of 627, 000 products from the earlier reported 610, 000 products. Economics polled by Reuters had forecast that new house profits, which account for around 15 % of U. S. home selling, would rise to a level of 660, 000 products. New house sales are counted at the filing of a deal, and can be dangerous on a month-to-month basis. They increased 8.7 % year on year in November. According to data from mortgage finance agency Freddie Mac, the 30-year fixed-rate mortgage’s average rate increased to 6.72 % last week from 6.60 % the previous week. 1: 50
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The Federal Reserve last week cut its benchmark overnight interest rate by 25 basis points to the 4.25 %-4.50 % range, but projected only two rate reductions in 2025, citing the economy’s continued resilience and still-elevated inflation. In September, the Fed had penciled in four quarter-point price breaks in 2025. The shallower level reduce path next year in the latest projections even reflected uncertainty over policies from President-elect Donald Trump’s coming administration, including tariffs on imported goods, tax cuts and mass deportations of illegal immigrants, which economists have warned had been inflationary. The yield on the U. S. 10-year Treasury word touched a raw 6-1/2-month large last year. The 10-year Treasury note is monitored on loan costs.
