Northern Virginia MarketWatch - January/February 2010
Buying Power
30-year fixed interest rates at the end of December averaged 5.14%, slightly more than rates at the end of December 2008 - but well below year-end rates for the previous five years.
A $1,000 principal and interest payment supported a loan of $183,348 at the end of December 2009, roughly $20,000 more than December 2005 - 2007.
That increased buying power, combined with the homebuyer's tax credit, has brought a lot of folks off the sidelines and into the game.
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