P.M. BRIEFING : Sales of Existing Homes Up 4.3%

Sales of existing homes rose for the second consecutive month in September, climbing 4.3% to the highest level this year, a real estate trade group said today.

The National Assn. of Realtors credited lower mortgage rates for the spurt in home sales, which rose to a seasonally adjusted annual rate of 3.63 million units.

The September increase followed a 4.5% rise in August and marked the third time in the last four months that rates have increased since hitting a low point this year in May.

For a year, the Federal Reserve pushed interest rates higher to battle inflationary pressures. But since the spring, the central bank has been gradually easing its grip on mortgage pressures, allowing mortgage rates and a variety of other consumer and business loan rates to fall.