Sales of new U.S. single-family homes unexpectedly increased in August, but the rebound is likely temporary, with the 30-year fixed mortgage rate soaring to levels last seen during the Great Recession.
New home sales surged 28.8% to a seasonally adjusted annual rate of 685,000 units last month, the Commerce Department said on Tuesday. July's sales pace was revised higher to 532,000 units from the previously reported 511,000 units.
The Federal Reserve's aggressive monetary policy tightening, marked by oversized interest rate increases, has weakened the housing market. The U.S. central bank last week raised its policy interest rate by 75 basis points, its third straight increase of that size. Mortgage rates have increased even faster. The 30-year fixed mortgage rate averaged 6.29% last week, the highest since October 2008, from 6.02% in the prior week, according to data from mortgage finance agency Freddie Mac.
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