For the first time in 13 weeks, mortgage rates slipped a bit heading into the long Thanksgiving weekend, according to Freddie Mac.

The rate on 30-year fixed rate loans came in at an average of 6.28 percent for the week ending Nov. 24 in Freddie Mac's weekly survey. That's down from 6.37 percent on average the week before. Last year at this time, the 30-year rate was 5.72 percent.

The rate on 15-year, intermediate-term loans ended the week at 5.81 percent, which also is a nine basis point dip from 5.90 percent the previous week. And one-year Treasury-indexed adjustable rate loans were priced at 5.14 percent on average, down from 5.2 percent.

Freddie Mac's findings were confirmed by two other key mortgage rate barometers.

In one, the Mortgage Bankers Association's weekly mortgage application survey, the average contract rate for 30-year fixed loans dropped from 6.33 percent to 6.26 percent. It was only the second time in the last three months that the rate has gone down in the MBA's survey, which covers about half of all loan originations in the country.

The other survey, this one by HSH Associates, a New Jersey mortgage information firm, recorded a smaller five-basis-point dip in the 30-year FRM rate, to an average 6.41 percent. HSH contacts more than 2,000 lenders for its weekly survey.

Whether rates will remain at this level is anybody's guess. But it appears as though they have stabilized, at least for now. So if you are thinking about buying a home, now may be the right time to shop for financing. Most mortgage oracles are predicting loan costs will be somewhat higher next year.

It's Everywhere!

If you think housing prices are running amuck in this country, wait until you get a load of what's going elsewhere. According to ResearchWorldwide.com, prices are up 21.2 percent in Hong Kong, 17.6 percent in South Africa, 16.5 percent in New Zealand and 14.5 percent in France.

Like here, there is much talk about housing price bubbles. But the talk is just not borne out by the facts, according to the popular website. "Of the 22 countries we monitor, the rate of house price increases has remained positive in 19 countries over the past 24 months," it said.

However, the rate of increases in most other countries has fallen of late. But ResearchWorldwide says the slowdown is "welcomed as it allows housing markets to cool down, especially from investor hype, which could be damaging if remained unchecked."

Sound familiar?

Free Energy Audit

A free do-it-yourself Home Energy Audit is available to consumers through the American Homeowners Foundation. The simple, speedy, 10-minute, self-test helps home owners identify practical steps to reduce their home energy consumption costs.

Residential heating costs are expected to surge this winter season, as much as $1,700 additional per household. But the audit can help homeowners find ways to significantly reduce those cost increases.

The audit guides owners through their homes room-by-room, with users addressing 25 simple questions, and grading key features impacting fuel consumption. The only tools necessary to take the test are a flashlight, ruler and screwdrivers. Features such as air registers, insulation, thermostat, fireplace, appliances and even light bulbs are scored. The self audit identifies where energy is being lost, and can be saved, by specific improvements and fixes.

To receive the audit kit, send an e-mail to ahf@americanhomeowners.org with "Home Energy Audit" in the subject line, or send a self-addressed, stamped envelope to the American Homeowners Foundation, 6776 Little Falls Rd., Arlington, VA, 22213.

Lenders' Profits Were Down Last Year

Despite all those million of loans mortgage bankers wrote last year, lenders earned only half as much per mortgage as they did in 2003, according to a study from the Mortgage Bankers Association.

On a per loan basis, net operational "cost to originate" was $1,485 per loan in 2004, double the net cost to originate a loan the year before. Net operational costs include all origination costs and commissions less all income from fees paid by borrowers. And borrowers often do pay a hefty fee.

But the largest contributor to lenders' bottom lines wasn't what they charge their clients. It's what they earn when they sell loans to investors. According to the MBA, lenders averaged $1,661 per loan sold on the so-called secondary market.

Happy Days!

Practically everyone has heard the horror stories about living in places run by overzealous neighbors who inflict their values on everyone else. No animals over a certain size. Garage doors must be kept closed. What color you can paint your house. Even what kind of storm door you can put on your front entry.

Most people say they hate living under such an autocracy. At least they do in polite cocktail party conversations. But according to a new survey, folks who live in places governed by community associations -- and there are a lot of them -- are "overwhelmingly pleased" with their communities.

In fact, the study found that people tend to express strong satisfaction with the board members who control their associations and the community managers who provide professional support.

More than seven in 10 community association residents in a national survey by Zogby International, a public opinion research firm, say they are satisfied with their community experience. Almost 40 percent of the respondents say they are "very pleased." And only 10 percent expressing some level of dissatisfaction.

The findings are consistent with similar research conducted by the Gallup Organization in 1999, when 75 percent of community association homeowners said they were satisfied with their communities.

An estimated 54 million Americans live in some 274,000 homeowner associations, condominium communities, cooperatives and other planned developments, according to the Community Associations Institute.

"These findings don't suggest that associations are utopia, but it's reassuring to know that these communities are working from a solid base of support," said Howard Goldklang, president of CIA's Foundation for Community Association Research. "It's a positive sign when almost 90 percent of all community association residents believe their governing boards are striving to serve the best interests of the community."

Published: November 29, 2005

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