Purchases and refinances suddenly surged as they had not in months. An important indicator of where housing is headed. Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averages 4.96% and fifteen year rates dropped to 4.5%.

This is important as new financing applications to buy homes point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once hesitant buyers off the sidelines.

In 2008, the Frazzano Team sold 59 homes. AS of August 17th, today’s date, we are up to 58 homes with a target of 100 closed sales. Many of our own buyer sales today are from people that we met last year or that started looking about 9 months ago. Of course we still have many past client and referral sales in which the clients are looking to make a move now.