Existing-home sales rise 1.7% in August

From marketwatch.com

Existing-home sales rose 1.7% in August to a seasonally adjusted annual rate of 5.48 million, the highest level in more than six years, as buyers rushed to lock in mortgage rates before they increased any further, the National Association of Realtors reported Thursday. Economists polled by MarketWatch had expected an August sales rate of 5.2 million, compared with an unrevised rate of 5.39 million in July. Looking forward, rates that continue to rise will eventually pull back home purchases, NAR added. Mortgage rates started increasing in early May on speculation about the Federal Reserve tapering its massive ... (full story)