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Interest Rates for Home Mortgages edged up in December finishing 2009 at a National average of 5.14%.  After reaching an all-time low for the week ending December 3rd, rates creped up the final four weeks of the year and finished at the 5.14%.  While the short term trend was slightly up for rates, the long term trend has been a nice decline.  Since peaking out at 6.71% in June 2008, rates have steadily fallen to the current levels near 5.0%.  Considering rates were in the 15-18% range in 1980, today's 5.14% rate should look plenty attractive to first time homebuyers as well as move up buyers. 

November 2009 home sales numbers were also mixed.  Sales of existing homes were up 7.4% compared to October 2009 sales spurred by the first time home buyer $8000 tax credit.  When compared to November 2008, sales of existing were up a staggering 44.1%.  Sales of newly constructed homes were down 11.3% in November compared to October and down 9.0% from November 2008. 

The current $8000 first time homebuyer tax credit and the $6500 move-up tax credit for existing home owners should keep sales brisk through the current expiration date of April 30th, 2010.