Mortgage rates moved south this week, reaching their lowest point in five weeks, according to Freddie Mac's nationwide survey.

The company reported a drop in the average interest on a 30-year fixed loan to 6.04 percent from 6.46 percent last week and a slide in the 15-year fixed rate to 5.72 percent from 6.14 percent.

Meanwhile, interest on adjustable-rate mortgages slipped to 6.06 percent from 6.14 percent for five-year ARMs but bumped up to 5.23 percent from 5.16 percent for one-year ARMs.

Source: San Diego Union-Tribune (10/24/08)

Daily Real Estate News  |  October 17, 2008

30-Year Rates Rise to 8-Week High

Interest rates for 30-year fixed-rate mortgages rose this week to an 8-week high, according to Freddie Mac, while ARM rates showed smaller gains.

The 30-year fixed mortgage rate rose to 6.46 percent during the week ended Oct. 16, up from 5.94 percent the prior week. Last year at this time, the 30-year fixed rate mortgage averaged 6.40 percent.

The 15-year fixed mortgage rate climbed to 6.14 percent from 5.63 percent over the same period.

"Recent economic reports suggest the economy is still slowing. For instance, retail sales fell for the third consecutive month by 1.2 percent in September," said Frank Nothaft, Freddie Mac vice president and chief economist.

"In addition, in its latest Beige Book, released October 15th, the Federal Reserve indicated that economic activity weakened in September across all 12 Federal Reserve Districts and that several Districts also noted that their contacts had become more pessimistic about the economic outlook."

Source: Freddie Mac

Daily Real Estate News  |  October 17, 2008

5 Ways to Give Your Home Character

Far too many of today's homes and communities lack character, says urban designer and author Marianne Cusato, a featured speaker at this week's Sustainable Development & Restoration Summit in Newport, R.I.

Urban sprawl is largely responsible for poorly constructed communities popping up across the country, Cusato says. It's resulting in homes that lack energy efficiency, cities with poor layouts, and long, congested commutes.

So how do you avoid the cookie-cutter look and create a sense of identity for your house? Start by using older homes as a model, Cusato suggested.

Use four-sided architecture. Many home designs focus exclusively on the front, but the side of the home can be just as important and prominent. For example, windows on the side of a home are not only aesthetically pleasing but they also are functional – they offer cross-ventilation for cooling the home during the summer months to curb air conditioning costs and they allow more light to enter the home.

Use color. Think beyond beige. Color can add more identity to a house. For example, if all the homes on the block have the same architecture, the color of the exterior can be one way to differentiate and add more character to the home.

Less is more. Don’t overdo it on design elements to the exterior of a home; Too many details can make a home lose character. Focus on creating a hierarchy of most important elements. For example, the entryway and the side windows are prominent areas.

Be functional, not just stylish. Shutters along a window of a home that aren’t functional and don’t close, don’t make much sense. The towering, grandiose entryways on many McMansions won’t provide much covering when it’s raining outside. One aspect of good design is that it’s functional, Cusato said.

Connect with the outdoors. The home doesn’t have to be as big inside if it offers livable outdoor space. For example, a side private garden, front porch, and a public area near the house can connect home owners more to the outdoors.

By Melissa Dittmann Tracey for REALTOR® Magazine Online.