Weekly Economic Update

The National Association of REALTORS released their 2013 Profile of Home Buyers and Sellers today, showing first-time home buyers declining as a percentage of all buyers. They made up 38% of the market, down slightly from their historical average of about 40%.

Last week’s Fed meeting gave us some more “breathing room” before we can expect mortgage rates to rise significantly, although they did . Their official statement said they have “decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.”

Bottom Line for Mortgages
Mortgage rates did inch up at the end of last week, but they remain near 4-month lows. 

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