The surprise decision by the Federal Open Market Committee to cut the federal funds yesterday may reflect growing fears that the U.S. economy is weakening. Ironically, the concern may be good news for people hoping for lower mortgage rates.
While rates on fixed and adjustable-rate mortgage loans are not tied to the Fed rate, mortgage rates often dip when investors fearing an economic slowdown..(read more)
When compared to 2006, this year’s statistics for Whitehall show that homes are staying on the market longer, and although fewer have sold, the average price per square foot has increased. At this time in 2006, 56 homes had sold after an average 53 days on market. The 2006 sales averaged $111 per square foot.
How can you interpret this information? First, Whitehall continues..(read more)
