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Mortgage Rates Ease
In Freddie Mac's Primary Mortgage
Market Survey the 30-year fixed-rate mortgage
(FRM) averaged 6.26 percent, with an average 0.6
point, for the week ending Feb. 23, 2006. Last
year at this time, the 30-year FRM averaged 5.69
percent.
"Tame core inflation figures and market
confidence that the Fed will continue to keep
inflation low kept mortgage rates in check,"
said Frank Nothaft, Freddie Mac vice president
and chief economist. "Over the long term, we
expect mortgage rates will bounce back and forth
a bit,
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Mortgage Rates
Source: Realty Times
U.S.
averages as of February 23,
2006:
30 yr.
fixed: 6.26%
15 yr.
fixed: 5.89%
1 yr.
adj: 5.32%
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remaining near
current levels."
"Based
on applications for home purchases in November
and December, we also expect that home sales
will slow to a more traditional pace."
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Conquer Closet Woes Before You Move
In
Whether you have the smaller closets
of an older home or the spacious storage areas of
a newer house, it's important to use the space
wisely. Here are a few tips for strategic storing:
 Before you put hanger to rod,
assess whether you really need or wear everything
you own.
Write down what you have and take it to a
closet-design company or a home improvement store.
It's easier to buy what you need if you can see
all the options and match them to your clothes.
Choose a flexible system. Lots
of bulky sweaters? Shelves may serve you best. Add
a second, lower bar to take advantage of that
unused space.
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Give Your Kitchen A Boost When
Selling
 There are ways to make your kitchen
sparkle before you put your home on the market.
Repair leaky faucets and remove stains from the
kitchen counter and sink. Clean the interior of
your oven and dishwasher, as someone is sure to
open them and dirty appliances can convey an
impression that will extend to the rest of the
house.
"Before taking
out walls or committing a lot of money, you have
to ask, does it need a facelift or major surgery,"
said Jason Feldman, director of style, innovation,
and design for Home Depot.
"There's no point in
replacing cabinets or making structural changes if
all that's needed are a few cosmetic
improvements."
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Remodel
Boom Seen Continuing
When it comes to remodeling, the Baby Boom
generation will keep on booming. And they'll be followed
by spendthrifts known as GenXers. Which is to say that
while the new construction market is slowin', the
remodeling sector will keep on growin', according to
experts at the National Association of Home Builders'
convention in Orlando.
"Boomers aren't done in terms of remodeling activity,"
said William Apgar, a former federal housing official
who is now senior scholar at Harvard's Joint Center for
Housing Studies. Normally, spending on remodeling tends
to fall off when home owners reach age 50. And by age
70, they're down to "doing only basic stuff," Apgar told
a press briefing.
But the
huge Baby Boom generation, members of which begin
turning 60 this year, have been spending twice as much
as the 50 to 70-year olds that have come before them, he
pointed out. And there's no reason to indicate they are
likely to stop. Despite the recent refi booms, owners
still have $10 trillion in equity left in their homes,
and they'll spend lots of it on their houses in an
attempt to keep up with the Joneses. As home prices
rise, owners want to improve the value of their real
estate. They'll want larger homes and better features as
they try to keep up with the new houses that are being
built bigger and better.
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