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Category Archives: Mortgage Rates
For July, existing-home sales in the Boston area plunged 39.2% from the previous month, far exceeding the record 27.2% drop reported nationally by the National Association of Realtors. The cause of the disparity was not immediately apparent. For the year, July sales were down 29.0% in the Boston area, but that was consistent with the Northeast region as a whole. Continue reading
Concerned about the slowing pace of recovery, the Federal Reserve on August 10 announced renewed efforts to keep interest rates low. As reported by The New York Times, the Fed will reinvest proceeds from its mortgage-bond portfolio in long-term government securities. For home buyers, it means mortgage rates should remain near historic lows for some time. Continue reading
The tax credit certainly worked as intended to bolster home sales. Existing and new home sales, inventories and housing starts all showed big improvements in March and April — all the categories, that is, except home prices, which continued their month-to-month decline in most of the country. Continue reading