Mixed Signals in the US Housing Market

Housing market data suggests that the sector's downturn is coming to an end as mortgage rates continue to drop, with the average 30-year fixed mortgage dipping to 6.28% from 6.32% the week prior. Pending home sales rose in February, and confidence among US home builders rose slightly in March. Housing starts rose 9.8% in February to an annualized rate of 1.45 million homes, and existing home sales in February jumped 14.5% to an annualized rate of 4.58 million. However, the S&P CoreLogic Case-Shiller US National Home Price index fell 0.5% in January compared to the previous month.