According to recent government data, sales of new homes surged 8.8% in March from the previous month, marking the highest rate since September.
During the same period, the National Association of Realtors (NAR) also observed a rise in pending sales of existing homes.
Last week, the average rate for a 30-year fixed loan sat at 7.1%, according to Freddie Mac.
The Federal Reserve is set to convene next week, but recent comments made by Federal Reserve Bank of Cleveland President Loretta Mester have suggested that the benchmark interest rate will continue to hold steady.
“I still am expecting inflation to come down but I do think that we need to be watching and gathering more information before we take any action,” Mester said earlier this month.
