Despite the predictions of many who said a sudden spike in mortgage interest rates would dramatically decrease the demand for housing, home sales in the Phoenix area are not only still strong, they were actually higher during May and June of 2013 than they were during May and June of 2012!
For full article see: http://www.thehillgroupaz.com/2013/phoenix-area-home-sales-prices-interest-rates-rising/
Though average mortgage interest rates fell ever so slightly last week, according to the Primary Mortgage Market Survey from Freddie Mac, many real estate experts see this as more of a stabilization after a sudden spike, than an indicator of future trends. Last week’s rates for a 30-year fixed rate mortgage averaged at around 4.37 percent, over half a point higher than their lowest this year, 3.35 percent in early May.
