The housing market may be cooling, but that's good news for some consumers.
Rates on 30-year mortgages fell for a sixth consecutive week, providing home buyers with more relief from an earlier rise in rates.
OK, so it may not be a seller's market, but...
Once again, an overabundance of inventory along with an economy no longer running in high gear is causing prices to drop.
Mortgage rates hit a four-year high of 6.80 percent the week of July 20, before beginning a sustained decline as financial markets became more convinced that a slowing economy would keep inflation under control.
We couldn't remain at the level we had been at forever.
Sales of both new and existing homes set records for five consecutive years through 2005 as buyers reacted to the lowest mortgage rates in more than four decades.
Inflation looks to be under control as analysts and the markets seem to believe the Fed has not over-tightened it's control on the economy with interest rate increases.
“Mortgage rates continued to drift lower this week in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check,” said Frank Nothaft, chief economist at Freddie Mac.
So, even though new home builders and your local real estate agent might feel a bit of a pinch, generally things are looking fine.
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