What's the trend? Mortgage rates going lower!

Home sales can't forecast trend, from the Arizona Republic Ahwatukee, reports that median prices for existing homes in the Southeast Valley continued to bounce around in February, showing little indication of any trend for the rest of the year. Ahwatukee Foothills had the highest median resale price at $373,000 in February. Jay Butler, director of Realty Studies at ASU, called it a "pitiful month" for forecasting events because it, along with January, is usually one of the slowest months for sales of existing homes. The sales recorded in February reflect purchase decisions made over the holidays, when people weren't in a mood to shop for real estate. In fact, throughout the metro Phoenix area, the number of sales of existing homes was the lowest for any February since 2003. Compared with February 2006, median prices last month rose in Ahwatukee Foothills and Chandler, and fell in Gilbert, Tempe and Mesa, according to Realty Studies numbers. "It's just one of those markets that has no trend," said Jay Butler.

http://www.azcentral.com/community/ahwatukee/articles/0309ar-homesales0309Z14.html

30-year mortgage rates at 6.14%, from MSNBC.com, reports that rates on 30-year, fixed-rate mortgages fell to 6.14% this week, the lowest since mid-December. "Mortgage rates slid further in the past week to the lowest level this year as volatility in overseas stock markets led to questions about implications for the U.S. economy," said Frank Nothaft, chief economist at Freddie Mac. Nothaft said he believed the economy would strengthen as the year moves forward and this would leave 30-year mortgages moving in a narrow range of between 6.3 and 6.4 percent. The Freddie Mac survey showed that other types of mortgage rates hit their lowest points for the year as well.

http://www.msnbc.msn.com/id/7148582/