 | Rates Drift Lower
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.16% for the week ending April 26, 2007, down slightly from last week when it averaged 6.17%. Last year at this time, the 30-year FRM averaged 6.58%.
"Recent economic data releases showing weaker existing home sales in March, coupled with lower consumer confidence in April, caused the market to pause and reevaluate the potential growth of the
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| | Mortgage Rates
Source: Realty Times
U.S. averages as of April 26, 2007:
30 yr. fixed: 6.16%
15 yr. fixed: 5.87%
1 yr. adj: 5.43%
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economy this year," said Frank Nothaft, Freddie Mac vice president and chief economist. "This allowed all mortgage rates to decline slightly this week.
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Practical Advice For
Home Sellers
 Clean and staged homes are important. Buyers needs to be able to envision themselves living in the space. For some quick tips, all Sellers should:
 Mow the yard and weed the flower beds.
Tone down the color. You love the red, but use a neutral tone, such as beige. You are selling the room, not the color.
Declutter and clean, especially before an open house or a walk-through.
If you don't want to clean, hire a maid service for a day. Have them mop and dust and scrub -- especially in the kitchen and bathrooms.
Compare your home to other homes in your own community "apples to apples!" Then paint, clean, fix, update, and still price your home competitively! | |
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Check Your Homeowner's Coverage
 Whether your policy is paid through the escrow (trust) account maintained by your lender or paid directly by you, it's a good idea to review your coverage. Some central questions include:
As the value of your home has risen, have you increased coverage? Is your home office covered?
Are antiques, jewelry, collectibles, and personal items protected?
Have you made a recent video of your home and unique items?
What is included under your policy -- and what is excluded.
How much personal liability protection is included with your policy? Do you need more?
Does your policy provide for the actual replacement cost in the event of a claim?
For details and information speak with your insurance agent. |
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| | Stop Junk Mail
 You can put a stop to those mail-box filling mortgage offers that begin arriving soon after you apply for a mortgage. Take a look at the new Federal Trade Commission alert, "Shopping For a Mortgage? Your Application May Trigger Competing Offers."
When you apply for a mortgage and the lender pulls your credit report, your file becomes a target for other companies with money to lend. It's not that the original lender is selling information about your every move. Rather, creditors are taking advantage of federal law that allows credit bureaus to identify you and other mortgage applicants to companies that want to pitch their product to you in the form of "prescreened" or "preapproved" credit.
It's the credit bureaus and other consumer credit reporting agencies that legally sell to lenders and others lists of consumers who meet certain criteria.
Those criteria could include the fact that you just applied for a mortgage, live in a certain ZIP code, have a certain credit score, a certain number of loans and, to the creditor, appear ripe for an offer.
However, they can be a nuisance. So if you'd rather do your own comparison shopping, or have already done so and don't want to be bothered by other offers, you can make them go away by calling
888-567-8688 or visit OptOutPrescreen.com. These are the only two federally-sanctioned ways to stop the flood of unsolicited offers. | |
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