Given an official end to the recession and some expansion in the economy, it seemed likely at the beginning of the year that home mortgage rates would rise by summer. However, that has not been the case. After bumping up in late January and mid-March, interest rates in late June were at their lowest levels for the year.

How low? Bankrate.com reports that 30-year fixed-rate loans were available in June at less than 6.25 percent while 15-year loans were under 6.75 percent. Start rates for adjustable-rate mortgages (ARMs) were below 4.25 percent.

Will the low rates continue? No one knows where rates are headed, but for the moment at least now is a very good time to purchase or refinance real estate.

Second Homes Increasingly Popular

Thinking of a second home? You're not alone. According to the Census Bureau's 2000 figures there were 115.9 million housing units in the U.S. -- including 3,578,718 properties owned for seasonal, recreational or occasional use.

Where do you find second homes? Florida had the biggest number -- 483,000 -- but the state with the largest proportion of second homes was Maine. It had 652,000 residential units of which 101,000 (15.6 percent) were second homes.

Why the interest in second properties?

Second homes fill many needs. They provide a place to vacation, there is the possibility of appreciation, and many buyers see today's second home as tomorrow's retirement residence.

No less important, a new generation of resort communities has been developed during the past decade which has created more second-home opportunities. Whether you want a place by the beach, in the mountains, or a big-city hideaway, there are more choices then in the past.

Switched Jobs Lately? You Can Still Become a Homeowner

There's been a lot of turmoil in the economy during the past two years. Wall Street is down, unemployment is up, and many people have changed jobs.

It used to be that job changes could hinder loan applications. The worry among lenders was that without a year or two of experience, perhaps employment and income would not continue -- concerns which meant more risk, higher rates, and sometimes a loan turn-down.

What lenders really wanted was not a year or two at the same job, but a year or two in the same field. If you're a computer engineer and moved from one firm to another, most lenders would still be satisfied with your prospects for both employment and earnings even if you were on the latest job just a few months.

Recently there has been some "give" in the old standard. Freddie Mac, which buys loans from local lenders, now says that there may be cases where no minimum period of employment is required.

Who will benefit from this change? New workers such as those finishing a college or trade school. Seasonal workers. Perhaps those entering a new profession.

More important, however, is that the new policy illustrates an old truth: Loan standards are constantly changing. Things which may have made financing tough in the past may no longer concern lenders.

The mortgage marketplace has changed remarkably in just the past few years, so if you have an interest in buying speak with your broker about the newest mortgage trends.

New Wrinkle In Home Insurance: Credit Reports

Across the country the standards for underwriting homeowner's insurance have begun to change: More and more insurance firms are looking at credit reports to see who gets coverage and who doesn't.

If you own real estate and have a mortgage, then you must have fire, theft, and liability insurance. If you don't have a mortgage, you should have such coverage anyway. So how are credit reports and homeowners insurance connected?

Industry statistics show that borrowers with poor credit are more likely to have insurance claims. More claims, of course, are exactly what insurance companies want to avoid.