Provincetown real estate market report. Interest Rates Adjust.

Interest rates have adjusted in favor of the buyer this past week. The average 30 year product is in the low 5% range. 15 years products are even lower at an average 4.7%.

After reports of more job losses this past week and fears of inflations, the rates adjusted slightly down in order to try and create consumer activity.

After two months of historic lows, mortgage interest rates inched up over June. This created an increase in shopping activity but a stall in actual executions of contracts. Rates have not decreased to the levels they were a few months ago. The adjustment this week could motivate buyers to come back to the playing field and act before rates increase again.

Real estate brokers from primary markets are reporting strong first half sales volume in units, but selling prices are between $70,000-$130,000. In Provincetown, number of sales have not been as strong as previous periods during this slow down, however, the average selling price is $457,000.Please send your comments to Michael.dubour@century21.com.