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"The jump in new home sales is great news but whether it was due to growing demand or fears of even higher mortgage rates is not clear," writes Joel Naroff, president and chief economist at Naroff Economic Advisors, in a commentary on this morning's numbers. Buyers may be flocking to homes right now in the hopes of avoiding future, higher mortgage rates. He adds, however, that it could be some time before indicators show the full effects of rising rates.
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