Mortgage Rates down, applications down

NAR has reported that while the mortgage rates are below 5%, applications fell in May after the tax credit expired.  Pending home sales were up in April as buyers rushed to get contracts done, but we may be in for a slow summer.  Here in Florida we may be further impacted by the oil spill, the flood insurance program that has expired.  Still there are buyers looking to make that purchase, that's the good news!