Mortgage rates fall - condo market cools
Our weekly tap on mortgage rates gives us further indication of a slowing real estate market. Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage fell 7 basis points to 6.27 percent ... One year ago, the mortgage index was 5.87 percent; four weeks ago, it was 6.28 percent."
And, while sales numbers are off, prices are not going down. But, rather, they are holding steady or increasing slightly. As house prices and interest rates continue to rise, the number of people able to afford to buy will decrease. Hence a slowing of the market.
To read more: March 2 mortgage rate report