Cincinnati mortgage interest rates dropped below the 5 percent threshold in October, enabling buyers and facilitating market activity across the country. Freddie Mac is reporting that the average commitment rate for a 30-year, conventional fixed rate loan has dropped to 4.96 percent, down from a September low of 5.06 percent.

"Mortgage interest rates last month were the third lowest on record dating back to 1971," according to Lawrence Yun, chief economist for the National Association of Realtors. In November, Freddie Mac reported another decrease in the 30-year rate to 4.83 percent. "With the abnormal drop in home prices over the past few years, the price-to-income ratio has fallen below the historic trend line," Yun said. “This is adding to the buying power of the typical family, with affordability conditions this year at the highest on record dating back to 1970, but prices are beginning to flatten and are poised to rise next year."