Lower mortgage rates appear to have delivered a modest jolt to home sales. Existing home sales rose 1.5% in September to an annualized pace of 4.06 million—reaching the highest point since February. Although still depressed, resales likely have scope for further improvement. Existing home sales in September are based on contracts signed in July and August, a time period which captures only the beginning of the recent descent in mortgage rates. After hitting 6.56% during the last week of August, the average 30-year fixed rate fell to around 6.30% in September and October according to Freddie Mac. This decline elicited ... (full story)