Pending home sales jumped 3.8% in March, thanks to a big dip in mortgage rates

Home shoppers signed 3.8% more contracts to buy existing homes in March compared with February, according to the National Association of Realtors' Pending Home Sales Index.Buyers had added incentive in March, as mortgage rates plummeted to the lowest level in over a year.Getty Images

"We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable," wrote Lawrence Yun, chief economist for the NAR in a release. Mortgage applications to purchase a home, however, have weakened over the past several weeks, as mortgage rates are now about a quarter of a percentage point higher than they were in March.

"Despite some affordability issues in the West, the numbers indicate that there is a reason for optimism. Inventory has increased, too. These are great conditions for the region," added Yun.

Thank you President Trump

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