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Interest rates the lowest since Janury 2006 AND our active listings are DOWN to 45,263! |
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MSNBC.com reports that mortgage rates fell to their lowest levels since January. Freddie Mac reports that 30-year, fixed-rate mortgages averaged 6.14 percent, down from 6.18 percent last week. That was the lowest rate since January 26th, when rates were at 6.12 percent! It marked the third straight weekly decline in rates. Frank Nothaft, chief economist for Freddie Mac, said those declines have now pushed long-term mortgage rates below where they were at this time last year and should help spur a rebound in housing. "Mortgage applications for home purchases in November have remained healthy, largely because of the drop in mortgage rates and a softening in home prices in some areas," he said. A year ago, 30-year mortgages averaged 6.26 percent.
Buyer and Sellers, head's up!! Everyday for two months, our active listings have continued to decline. We were at 47,994 on September 24, and since then, we have continued to go down. From yesterday when our active listings totaled 45,876 -- today we are at 45,263!!! If the active listings continue to go down - and you can check here for current activity - and if our interest rates stay in the 6% range, those homes that are priced realistically will start selling more quickly. That said, those of you who are waiting for the home prices to go lower - you may want to re-think your plan. Either list or buy before the market starts on fire again. It will you know. You just wait and see.
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