See video explaining the national real estate market, interest rates, and First Time Home Buyer Tips. Watch for our First Time Home Buyer Round tables in January, February and March.

 

Mortgage rates were down again, from 4.35% in September of last year to 4.11% this September. While the Federal Reserve continues to put downward pressure on interest rates to spur sales, Congress’s recent action to lower loan limits has further tightened lending among banks. This had the biggest impact in the  Western states, which experienced an 8.8% drop in sales. This was mainly due  to the concentration of more expensive properties in California, where buyers rushed to purchase properties in August before loans limits dropped on the October 1 deadline.