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Economy

US new-home sales soar nearly 16 pct. in January to highest level in 4½ years

U.S. new-home sales jumped in January from the previous month to the highest level since July 2008, a sign that the housing recovery is accelerating.

The Commerce Department says new-home sales rose nearly 16 percent in January to a seasonally adjusted annual rate of 437,000. The percentage increase was the largest in nearly 20 years.

Steady job creation and near record-low mortgage rates are spurring more Americans to buy houses. At the same time, the number of previously occupied homes for sale is at a 13-year low. That shortage creates more demand for new homes.

Still, the increases are coming from depressed levels. New-home sales plummeted to a record low in 2011. And sales are still well below the 700,000 annual level that economists consider healthy.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.32% up 4.27%  
15 Y Fixed Graph 3.29% up 3.27%  
30 Y Fixed Jumbo Graph 4.61% up 4.57%  
5/1 ARM Graph 3.34% dw 3.47%  
5/1 Jumbo ARM Graph 3.60% up 3.51%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% dw 4.47%  
$50K HELOC Graph 4.11% dw 4.17%  
$30K Loan Graph 4.98% dw 5.11%  
$50K Loan Graph 4.40% dw 4.55%  
$75K Loan Graph 4.40% dw 4.51%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.91% -- 2.91%  
36 M Used Graph 3.40% dw 3.44%  
48 M New Graph 3.16% dw 3.19%  
48 M Used Graph 2.90% dw 2.97%  
60 M New Graph 3.18% dw 3.22%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% up 0.34%  
1 yr Graph 0.67% dw 0.67%  
5 yr Graph 1.38% -- 1.38%