The real value of property is not in its physical appearance but its use.

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Mortgage Rates Inch Downward

To use the word "drift" in conjunction with the mortgage market the past week would be suggesting too much energy in mortgage rates and in the market.

..."Recent economic data releases showing weaker existing home sales in March, coupled with lower consumer confidence in April, caused the market to pause and reevaluate the potential growth of the economy this year," said Frank Nothaft, Freddie Mac vice president and chief economist. "This allowed all mortgage rates..." Read More Now

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A good mix of economic news

NAR's Pending Home Sales Index for July was released today, showing signed contracts on homes for sale down 16.0 percent from July 2005. Accompanied by another report today of a slowdown in home construction and last week's existing home sales report for July, the Pending Sales Index provides further evidence that our record-breaking housing market is beginning to calm down. ...The index shows existing-home sales should continue to ease after a stronger-than-expected decline in July, but are likely to flatten in the months ahead," said NAR Chief Economist David Lereah.

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