Relief Coming?

http://www.newsday.com/business/ny-bzhomes1014,0,7074256.story?coll=ny-top-headlines

An article in Newsday entitled 'LI home sales cooling off'

Interesting read on the rise of interest rates, home prices, and the amount of unsold homes rising. Maybe relief is coming, but with interest rates rising, is it really such good news?

'In Queens and Long Island, the number of unsold homes in September rose 7.8 percent from August, and 36 percent from September of last year. '

'Freddie Mac, the second largest purchaser of U.S. mortgages, reported yesterday that the average rate for 30-year fixed-rate mortgage rose to 6.03 percent this week.'

When the buying slows, the interest rates will go back up. When we purchased our home, it was at the very start of the current surge, back at the end of the 90s .. and we were given a rate of 8-point-something-percent .. which was very good at the time .. until over time the rates dropped into the 6s & 5s & even 4s. But those low rates we've seen over the past year or so are apparently once-in-a-lifetime lows.

Good Luck!!