After reaching a low of 5.21 percent and .5 points in June, mortgage rates stood at 5.94 with .4 points in late July, according to Freddie Mac.

The 5.21 rate, with .5 points, was the lowest mortgage interest level seen since the 1950s. While 5.94 is surely not as attractive, by the standards of the past few decades most borrowers would have been elated to obtain such financing. For example, according to the independent financial publisher, HSH Associates, rates during July for fixed-rate 30-year loans stood at 6.57 in 2002, 7.74 in 1999, 8.77 in 1994 and 13.52 in 1983.

Is this a good time to finance or refinance? Plainly, rates have been lower in recent months - - and they have been higher. On January 17th, says Freddie Mac, a typical 30-year mortgage was priced at 5.97 percent plus .6 points. In essence, rates in late July were close to where they were at the start of the year -- and many people in January were pleased with the rates they found.

Home Sales Strong At Mid-Year

While general economic news has been mixed, home sales remained strong in early summer.

Existing-home sales, according to the National Association of Realtors, had a seasonally adjusted annual rate of 5.83 million units in June, a figure down from 5.85 million units in May -- but 8.6 percent above the record 5.37- million unit pace in June 2002. June itself was tied for the fourth-highest month on record.

Not only is volume strong, prices nationwide are also showing strength. NAR says that "the national median existing-home price was $176,500 in June, up 7.7 percent from June 2002 when the median price was $163,900. The median is a typical market price where half of the homes sold for more and half sold for less."

Why the strong national market? Across the country available inventory is thought to be tight, interest rates remain attractive and many areas are seeing population growth.

"Housing continues to do the heavy lifting in an otherwise sluggish economy," said Kent Conine, president of the National Association of Home Builders. "Demand is strong and inventory of new homes for sale is at an all time low, only 3.5 months. With building permits up, the outlook for housing for the remainder of the year remains bright."

New home sales rose to a second consecutive record-breaking high in June. Sales reached a seasonally-adjusted annual rate of 1.16 million units, according to the Commerce Department. This was 4.7 percent ahead of May.

Local markets, of course, can differ up or down from national averages. For details regarding neighborhood price and sale trends, it's best to speak with your broker for the latest information.

One-In-Seven Own Second Homes

One reason for the surge in home sales in recent years may be that more and more of us own two homes.

"Fifteen percent of homebuyers were either purchasing a second home, already owned a second home or were buying a new primary residence and keeping their existing property as a second home," according to a recent study by the National Association of Realtors.

"Typical second-home buyers are 47 years old and have a household income of $85,900; roughly 66 percent are married couples," says NAR. "Fifty- eight percent bought a detached single-family home in the first quarter, but only 21 percent purchased in a resort, recreation or rural area; 66 percent were in an urban or suburban area."

Why the interest in second homes? While many buyers purchase for reasons of recreation and leisure, a growing percent want a second home for investment purposes. The study found that the percentage of buyers "purchasing second homes for investment purposes rose from 20 percent in 1999 to 37 percent of second home sales in 2002."

Is That A Fixture?

Whether you're a buyer or a seller it's important to know what's included in a transaction. In general terms, items which are affixed to and intended to be part of a home are regarded as fixtures. As an example, a built-in microwave would typically be seen as a fixture while a microwave sitting on a countertop would not.

Things which are not fixtures and that will not remain after a home is sold can be called personalty. That countertop microwave is a likely example.

Buyers and sellers often debate what should go and what should stay. A clothes washer and dryer, for example, may look like a fixture to some folks and personal property to others. The solution: Sale agreements should reflect the understandings of both parties. If the paperwork says the washer and dry must stay, and if everyone accepts, then neither party will be surprised at closing.

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