Home prices fell 2.1% from the fourth quarter of last year to the first quarter of 2010, and average mortgage rates are at their lowest of the year, according to data released by Freddie Mac.
The mortgage buyer's Conventional Mortgage Home Price Index fell 2.1% on a quarter-to-quarter basis but the index for the first quarter of 2010 fell 1.1% from the same period in 2009.
The largest decline from the fourth quarter of 2009 to the first quarter of 2010 was a 3.2% drop in the West North Central Division, which includes Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The smallest decline was a 0.4% drop in the Middle Atlantic Region, which includes New Jersey, New York and Pennsylvania.
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