5204 - The market for existing single-family homes experienced rising activity last month as home buyers responded to lower mortgage interest rates, according to the National Association of Realtors®. Existing-home sales increased 1.9 percent to a seasonally adjusted annual rate* of 5.40 million units in September from an upwardly revised pace of 5.30 million units in August. Last month's sales activity was 7.8 percent above the 5.01-million unit pace in September 2001. David Lereah, NAR's chief economist, said a prolonged slide in mortgage interest rates culminated in rising sales activity. "Mortgage interest rates have been on a steady slide since April and reached new historic lows in September, contributing significantly to higher existing-home sales," he said. "The lower cost of mortgages has increased housing opportunities and means monthly mortgage costs often are very attractive in comparison with rents." NAR projects existing-home sales will reach a record of 5.47 million this year, an increase of 3.2 percent from 2001. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.09 percent in September, down from 6.29 percent in August it was 6. Read this Nemmar Real Estate Training article at Mortgage Loans, Finance, Economy, Appraisal