INTEREST RATES ARE STILL LOW

Consumers are hearing a lot in the media about the correction in housing, and they’re understandably concerned about whether now is a good time to get into the housing market.

This hesitancy is evident in home sales volume: Even though interest rates fell to 6.2 percent in early 2007 from 6.8 percent in August 2006, and the economy added 3.5 million new jobs, existing-home sales were down 8.5 percent in 2006, with further softening expected in 2007.

The irony, of course, is that although declines in sales volume have hurt real estate practitioners, they may be a plus for consumers.                                 *Courtesy of LAWRENCE YUN, NAR SENIOR ECONOMIST

As the market heats up again, interest rates are rising.  Locking in a low interest rate will save you money on the purchase of your home.