Feds Cute the rate to near zero and mortgage rates drop again. The 30 year fixed mortgage rate has fallen from 6.5 in October to 5.19 today. This with the declining prices makes for a perfect situation for Buyers to get off the fence and get back in the market.
Refer to CNN MOney article from today;
http://money.cnn.com/2008/12/18/real_estate/Mortgage_rates/index.htm?postversion=2008121811
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