In the beginning of 2009, we saw a steep drop in sales and mortgage rates. Since then with spring and summer that rolled around afterwords, we had a surge of prices and rates. As of 9/21/09, the 30 year fixed rate with 10% down is at 5%!
What does this mean to you (buyer). Rates this low most likely wont happen again if we start to pick up. Since we have a divergence in the prices of homes sold in the hudson county area related to the mortgage rates, now should give you plenty of reason to buy (if the $8K tax credit isnt good enough already)