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Mortgage rates, though low, are rising and expected to rise further. The average rate on the 30-year fixed conforming mortgage rose to 4.35 percent this week from 4.16 percent, the second straight week of increase, according to Freddie Mac.
“Fixed mortgage rates increased this week following stronger than expected economic data releases, said Frank Nothaft, chief economist at Freddie Mac.
Of the 30 largest metro markets covered by Zillow, homes moved fastest in the San Francisco Bay Area in September, selling in an average 48 days. Sacramento, Calif., and Dallas followed with 59 and 60 days, respectively. Markets where homes are sitting the longest include New York, at an average 151 days; Kansas City, Mo., at 136 days; and Cincinnati, at 125.
(Read more: Map: Tracking the recovery)
Article source: http://www.cnbc.com/id/101198913