Mortgage rates ticked down a bit this week on average, which is great news for buyers who (predictably) applied for more loans, according to the LA Times’ Andrew Khouri. However the news comes with a mixed-bag of data overall; Khouri further reports that prices surged in December, “the first significant increase since June.” Research firm DataQuick attributes the rise to “fewer distressed sales and demand that has outstripped tight supply.”

“Pitifully low inventory is the main culprit,” says DataQuick President John Walsh. “The jump in home values over the last year suggests we’ll eventually see a lot more people interested in selling their homes, which would help ease the inventory crunch.”

We sure hope so. Another Khouri report points out that new housing starts are actually down as builders continue to wait on the sidelines (!) ‘“Construction remains the laggard of the recovery,” Trulia chief economist Jed Kolko said in a statement.’

Translation: If you’re able to find a home today and lock in these low interest rates, go for it. Inventory is likely to remain tight for the foreseeable future.

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