Sales of homes in the U.S. rose sharply in March as buyers nervous about rising interest rates got off the fence to lock in cheap money.
Sales of new homes jumped 8.9 percent to a seasonally-adjusted annual rate of 1.228 million units in March, up from 1.128 million in February, according to the U.S. Commerce Department.
It was the biggest monthly surge since June of last year, when mortgage rates were at 40-year lows. The average 30-year fixed-rate mortgage has been rising steadily for weeks and was approaching 6 percent, according to Freddie Mac’s last Primary Mortgage Market Survey.
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