Mortgage Rate Update: Nov. 24, 2008

Great News!

30 year fixed rates drop dramatically today to 5.375%!

Happy Thanksgiving!

LOCAL MARKET UPDATE (as of Nov. 30, 2008)









WILD RIDE ! - The last two months have been crazy in the real esate world, to say the least. In October, most of us just helplessly watched the US economy tumble. Needless to say, buyers were waiting on the sidelines to see what would happen next, and sellers were either waiting or slashing their prices to get their properties sold. Showings picked up after the election and it is difficult to say what the holiday season will be like this year. It is typically slow, but with prices and interest rates being the lowest they have been all year, it is a great time to buy. It is impossible to time the bottom of the market because no one knows when it happens until after it is on it's way back up again.

The local market and most of Massachusetts had higher sales in October on a year to year basis. These are sales that were mostly written in August/September. November sales however are lower than last year because as the Wall Street crisis started to unfold, buyers went into a holding pattern. Prices have come down and properties are selling when they hit that perceived "bargain price".
Data from MLSPIN.