Low Long-Term Interest Rates Give Housing a Lift

Mortgage News from Quicken Loans

Potential home buyers continue to be enticed by a healthy inventory of available homes and long-term interest rates that have returned to their lowest point of the year.

The National Association of Realtors (NAR) announced today that existing home sales for October were 0.5 percent higher than they were in September. This was the first month-over-month increase since February, showing yet another sign that the housing market is stabilizing.

Bob Walters, chief economist of Quicken Loans, says the environment is right for people who are looking to purchase a home.

"The rise in existing home sales shows that consumers are taking advantage of both the current buyer's market and favorable interest rates," says Walters. "Long-term interest rates, which are at their lows for the year, are currently driving purchases, as well as creating a refinance boom that we expect to last well into 2007."

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Low Long-Term Interest Rates Give Housing a Lift

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