Arizona Real Estate Notebook

“Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “How much of a drag the housing slump will be on the economy remains unknown. Additionally, recent reports suggest some regional manufacturing weakness in October.

“Meanwhile, sales of existing single-family homes in September dropped to the slowest pace in nearly a decade – since January 1998 – reflecting the effects of the credit tightening that occurred in August.”