Things may be looking up

It is too early to tell, but things may be looking up in the market. According to the RI Assoc. of Realtors, there are 6693 single family houses on the market compared with 6874 last year; 1536 multifamiles compared with 1864 last year; and 1762 condos compared with 1793 last year. It will be interesting to see if this trend continues.

Also, last week, mortgage rates dropped once again. The 30 year rate dropped to 5.78%. What a deal!! That means people can afford more home. The down payment assistance programs are still available to all buyers and RI Housing and Mortgage's website had rates for their 40 year mortgage as low as 5.125% with 30 year rates as much as .375% lower. http://www.rhodeislandhousing.org/index.cfm