Economic good signals

Several announcements today were encouraging for the Real Estate community. First of all, average rates on 30 year fixed loans fell again this week to an all time low of 4.27%. This is reportedly the lowest rate since Freddie Mac began tracking rates in 1971. Secondly, September retail sales were up for the month which indicated that consumers are loosening their purse strings. Many economists suggest that this may indicate that the mood of the buying public is no longer in a bomb shelter. The National Retail Federation says they are expecting a 2.3% increase for Holiday spending this fall.