Low Long-Term Interest Rates Spur Demand for Housing
Mortgage News from Quicken Loans
<p>Construction of new, privately-owned residences grew 9.0 percent last month, according to a report issued jointly this morning by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The report also showed that housing starts were 28.5 percent below the February 2006 level.</p> <p>"The increase in February housing starts is likely a response to the sharp decline in January, but also can be attributed to favorable long-term <a href="http://www.quickenloans.com/mortgage-rates/index.html">interest rates</a> in the low sixes that continue to make <a href="http://www.quickenloans.com/mortgage/home_buying/index.html">homeownership</a> affordable to many," said Bob Walters, chief economist of Quicken Loans. "Whether this trend continues depends on builder reaction to the current issues affecting the <a href="http://www.quickenloans.com/mortgage/articles/credit-guide.html">sub-prime market</a> and the impact that has on <a href="http://www.quickenloans.com/mortgage/articles/home_loans_options.html">home sales</a>."</p>This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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