Reflecting continued uncertainty in the economy, mortgage rates barely budged Aug. 26 in Freddie Mac's weekly Primary Mortgage Market Survey.

The survey reported the average 30-year fixed mortgage rate (FRM) on conforming loans remained below 6 percent, rising a notch to 5.82 percent with 0.7 points, up from 5.81 percent a week earlier.

A year ago the rate was 6.28 percent.

The average rate on a one-year, adjustable rate mortgage (ARM) for conforming loans rose to 4.05 percent with 0.6 points, up from last week's 4.01 percent.

The average for the 15-year FRM rose to 5.21 percent, with an average 0.6 points, up from last week when it averaged 5.19 percent.

"Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "July home sales fell from their record rate, but remain strong by historical standards."

Homeowners Reap Large Returns

Homeowners, on average, in the past year, earned more than $15,000, thanks to home value appreciation chugging along at nearly 9 percent.

Continuing to behave like a regional market on fire, the hot national market yielded a median price in July of $191,300 up from $176,000 in July 2003 -- an 8.7 increase in value, according to the National Association of Realtors.

Condo owners fared even better as the condo/co-op median price rose 12.1 percent to $189,400 in the second quarter this year, said NAR.

And second homeowners where jumping for joy nearly twice as high.

A new survey by Orinda, CA-based EscapeHomes.com, "Price Index for Second Homes," found that home values in 10 select markets, known to attract second and vacation home buyers, rose 22 percent, from $419,000 to $511,000 during the period spanning the second quarter 2003 to the second quarter 2004.

Affordable Housing That Keeps Up With Changing Lifestyles

Like the extraterrestrial's subterranean Antarctic temple in the Alien vs. Predator (aka "AVP") film -- with much better lighting -- a new concept home will adjust to meet the changing lifestyle needs of its occupants.

The U.S. Department of Housing and Urban Development's (HUD) Partnership for Advancing Technology in Housing (PATH) program has designed an architectural model of a factory-built home that comes with movable interior walls, utility systems independent of the building's structure and "smart" materials all of which can be plugged together -- from ground breaking to completion -- in 20 days.

Like something from the set of a science fiction movie, the PATH Concept Home can be packed with out-of-this-world materials including electro-textiles that deliver current through wall coverings and photovoltaic roof shingles that inconspicuously generate power.

The concept model went on display at HUD's Washington, D.C. headquarters this summer to underscore efforts by building engineers and scientists to put more technologically-achieved customization in housing and by 2010 bring down costs to make home ownership affordable to 90 percent of the population.

One In Three Baby Boomers Leaving Empty Nests

Grown kids of one in three baby boomers had better make sure they have a roof over their own heads and don't need to return to the coop because their parents will have flown -- for good.

Most baby boomers plan to stay put when they retire, but more than one in three say they plan to leave their empty nests, move miles away and settle into smaller digs.

Home builder Pulte Homes' "Baby Boomer Report," conducted by Harris Interactive, found that 36 percent of empty nest baby boomers won't be far behind when the kids leave home.

One third of those who move plan to move want to more than three hours away. One third of those who want to move plan to move into a more urban locale. And nearly half of those who plan to move -- 44 percent -- say they've earned the right to be tired of picking up after kids and want to leave house work behind them. They are looking for a smaller homes with less maintenance.

Published: August 31, 2004

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A journalist for 35-years, Broderick Perkins parlayed an old-school daily newspaper career into a digital news service offering editorial content and consulting services. Perkins' San Jose, CA-based DeadlineNews Group includes the flagship news site, DeadlineNews.Com, offering real estate, personal finance and consumer journalism, and a backshop, the Deadline Newsroom.