The Bains

Average interest rates on a 30 year fixed rate loan fell this week to 4.97% from 5.05% a week earlier,
according to Freddie Mac. Homebuyers no longer are feeling rushed to apply for the homebuyer tax
credit, which ws extended to April 30, has caused the index to decline 2 of the last 3 months.
The National Association of Realtors index that tracks residential sales agreements fell 7.6% to 90.4% in January. Economists has expected a rise to 97.6%, were disappointed in this reading, the lowest
since Aril 2009. Sales fell in the West by 13% from December to January, 9% in the Northeast & Midwest & 2% in the South. A reading of 100 is dqual to the average level of sales activity in 2001,
when the index was started.