Low Long-Term Rates Drive Home Sales Higher
Mortgage News from Quicken Loans
<p>The National Association of Realtors (NAR) announced today that total existing home sales--including single-family homes, townhomes, condominiums and co-ops--increased 3.9 percent in February when compared to the previous month's sales. February's increase in home sales is the largest monthly rise in three years.</p> <p>Bill Emerson, CEO of Quicken Loans, attributes the increase in sales to long-term <a href="http://www.quickenloans.com/mortgage-rates/index.html">interest rates</a> that remain near historic lows.</p> <p>"The recent run of low long-term rates has served to bolster existing <a href="http://www.quickenloans.com/mortgage/home_buying/index.html">home sales</a>," Emerson said. "This week's decision by the Federal Reserve to maintain the current Fed Funds Rate will have a positive impact on home sales in the short-term and, if rates remain favorable for an extended period, could help reduce the glut of unsold homes in the long run."</p>This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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