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Rates at Lowest Level
Since First of The Year
In Freddie Mac's Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.14%, with an average 0.4 point, for the week ending November 30, 2006. This is the lowest the 30-year FRM has been since the week ending January 26, 2006, when it averaged 6.12 percent.
"Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year," said Frank Nothaft, Freddie Mac vice president and chief
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economist. "Mortgage applications for home purchase in November have remained healthy, due largely because of the drop in mortgage rates and a softening in home prices in some areas."
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No Change in Loan Limit
 The conforming loan limit, perhaps the most intently watched number in the mortgage business, will remain unchanged next year at $417,000. The limit is the legislatively set ceiling on the size of loans that can be purchased or guaranteed by Fannie Mae and Freddie Mac, the two government-sponsored financial institutions which keep local lenders awash with cash for home loans.
Because the enterprises bring a certain amount of standardization to the market, and because investors throughout the world believe the GSEs' securities are backed by the full faith and credit of Uncle Sam, rates charged on loans at or below the limit are often 0.25% - 0.5% less expensive than so-called "jumbo" loans that are above the ceiling. |
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Year-End Tax Savings
 In 2005, Congress passed the Energy Policy Act, which provides homeowners a tax credit of up to $500 for improving the energy efficiency of their homes in 2006 and 2007. Improving the energy efficiency of a home pays at tax time and continues putting money back in your pocket every month in the form of lower energy bills. The tax credit is in effect for improvements made between Jan. 1, 2006 through Dec. 31, 2007. One of the easiest ways to save money on your utility bills and qualify for the tax credit is to improve the level of your home's insulation. You'll need to add between an R-19 and R-30 insulation to your attic to qualify for the tax credit. Make sure you keep your receipts when purchasing energy efficient products. |
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Tips For A Safe
Holiday Season
 As you pull out those holiday storage boxes filled with decorative goodies and embark on your seasonal embellishing, take extra care as you hang those outdoor lights, choose that tree, and spark those holiday candles.
In any given year, about 8,700 people go to the emergency room because of holiday-related injuries, according to the U.S. Consumer Product Safety Commission. Additionally, Christmas trees are the cause of about 400 fires a year, resulting in 20 deaths, 70 injuries, and an average of $15 million in property loss and damage.
Here are some safety tips to keep in mind as you begin your holiday decorating and lighting:
Trees & Lights
 It should be difficult to pull the needles from the branches.
The needles shouldn't break when bent between your fingers.
If you buy an artificial tree, make sure it is fire-resistant.
Keep your tree watered.
Trees dry out with heat, place your tree away from heat sources.
Use no more than three sets of lights per extension cord.
Never use electric lights on a metallic tree.
If you are using lights outdoors, check the labeling to ensure they are certified for outdoor use.
Turn off all lights when you go to bed or leave the house. |
