Low Long-Term Rates, Employment Fuel Housing Demand

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The U.S. Census Bureau and the Department of Housing and Urban Development announced today that In September 2005, sales of new, one-family houses were at a seasonally adjusted annual rate of 1,222,000, which represents a 2.1% increase over the revised August rate of 1,197,000. However, sales were relatively flat compared to September 2004, coming in at an estimated 0.1% below last year's annual rate of 1,223,000."Housing's performance is tied to two key economic indicators: employment and long-term interest rates," says Bob Walters, Chief Economist for Quicken Loans. "While short-term rates have steadily risen under current Federal Reserve policy, long-term interest rates remain at near-historic lows. When you add low long-term interest rates to a better-than-expected employment rate, the combination fuels strong consumer demand for housing."  Mortgage News Home Current Headlines Next Article  Refinancing | Home Loans | Home Equity Loans | My Quicken Loans Login Mortgage News | Mortgage Rates | Mortgage Calculators | Apply Online Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2005 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Build 2760 2005-10-28 17:25:13

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