Mortgages rates moved within a small pricing band during the month of October, hitting a low of 5.77 percent with .6 points and rising to 6.05 percent with .7 points toward the end of the month according to Freddie Mac.

Are these rates as low as what we saw this summer? No. Are they terrific by the standards of the past several decades? You bet.

As mortgages continue to be available for a second year at rates that are often well below 7 percent, borrowers are taking advantage by financing, refinancing and sometimes refinancing still again.

Even if you have recently refinanced, it may make sense to again consider a new mortgage. Many loan products now require little or no out-of-pocket cash for closing. Such loans are not "free", however: The lender pays some or all closing costs and in exchange you accept a somewhat higher mortgage rate than might otherwise be available, a larger loan balance or both. Done right, you wind up with a lower monthly expense and reduced interest costs when compared with what you're now paying.

Fireplace Trends: More Gas, Less Wood

Unless you live in an area with a year-round summer climate, the odds are that your home has at least one fireplace. But while we used to think of fireplaces as wood-burning devices, that's not the case any longer: More and more homes now feature gas-fired systems.

According to the Hearth, Patio & Barbecue Association nearly 1.5 million units were shipped in 2002. Of this number, 36 percent were wood-burning, 2 percent used pellets and the rest -- 62 percent -- were gas appliances.

Why the change to gas? There's less clean-up and no need to gather or store fuel. Gas flames can be adjusted and systems can be turned on or off remotely -- a far cry from the old days of saws, soot, axes and ashes.

ARM Rates Tumble

A lot of attention has been given to the falling rates enjoyed by fixed-rate financing during the past few years. At the same time rates for adjustable-rate mortgages (ARMs) have also tumbled.

At the end of September, the 11th District Cost of Funds Index -- a popular ARM index -- reached 1.946 percent. Take the index and add a margin, say 2.75 percent, and the full rate for this loan is less than 5 percent. (1.946 + 2.75 = 4.696)

ARM rates and monthly payments can rise and fall, of course, but if you need a loan with liberal qualifying standards and a low start rate, ARMs may be worth considering.

How We Use Real Estate Brokers

The 2003 Survey of Real Estate Services from the National Association of Realtors (NAR) shows that consumers approach the marketplace differently, depending on whether they are first-time or repeat buyers. The survey also shows that consumers routinely use broker recommendations when selecting other professional services associated with a real estate transaction.

Published: October 28, 2003

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