Home Buyers in Las Vegas React to Lower Mortgage Rates

The Fed's lower rates have sparked greater interest in mortgage products in the Las Vegas area. Applications are up considerably as people see a great time to purchase a Las Vegas home.

"Refinance applications are up 92 percent since the beginning of November, while purchase applications are up 7 percent," said Jay Brinkmann, vice president of the Mortgage Bankers Association. "With tighter credit conditions we don't know how many of these applications will become loans, but it is clear that borrowers are responding to the recent drop in interest rates." - RJ

Las Vegas real estate agents have also seen a small increase in the number of leads and interested parties. Web site inquiries have increased a small percentage and referral business has bumped up.

Las Vegas properties, including those in Henderson and North Las Vegas are priced incredibly well compared to the previous couple of years. Las Vegas Realtors are beginning to see interesting movements in the MLS Search data as well. Another considerable drop in interest rates by the Fed could cause another significant volume of purchase and refinance activity.