In Freddie Mac’s results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.67 percent with an average 0.4 point for the week ending June 28, 2007, down from the previous week when it averaged 6.69 percent. Last year at this time, the 30-year FRM averaged 6.78 percent.

The 15-year FRM averaged 6.34 percent with an average 0.4 point, down from the previous week when it averaged 6.37 percent. A year ago, the 15-year FRM averaged 6.43 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.30 percent, with an average 0.5 point, down from the previous week when it averaged 6.31 percent. A year ago, the 5-year ARM averaged 6.39 percent.

One-year Treasury-indexed ARMs averaged 5.65 percent with an average 0.5 point, down from the previous week when it averaged 5.66 percent. At this time last year, the 1-year ARM averaged 5.82 percent.

“Mortgage rates edged down slightly for the second week in a row after having risen over the previous month and a half, and as financial markets prepared for the June 28th Federal Open Market Committee’s announcement on monetary policy,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Inexpensive Ways to Revitalize a Kitchen

Here are some quick, affordable ways to give your kitchen an update:

  • Replace the flooring. Install laminate floor over old linoleum, vinyl, or chipped tile. It costs just $1 to $5 a square foot and looks like wood, stone, or tile.
  • Replace the lighting. A new ceiling fixture costs less than $100 and will brighten up the place. Adding some under-the-cabinet lights will illuminate work surfaces.
  • Give the cabinets a new life. A coat of paint and new knobs is the cheapest way to go. If you’re able to spend $4,000 to $6,000 on the project, hire a refacing company to replace the doors and drawer-fronts.
  • Refinish the appliances. For a few hundred dollars, an appliance refinisher will re-enamel your stove, refrigerator, and dishwasher door in the color of your choice, including a stainless steel look-alike.
  • Update the backsplash. Replace the space between your cabinets and the countertop with fashionable stone or tile. Using IRA Money for Real EstateSelf-directed IRAs give investors lots more options than do traditional company-sponsored retirement plans, including the option of investing in real estate.The rules and regulations for investing an IRA in real estate are complex, and failure to pay attention will result in substantial taxes and penalties, experts say.

    Accountant Ed Slott, founder of the IRAhelp.com Web site, offers these suggestions:

  • Set up a separate IRA for real estate investments. Even if only a small portion of the IRA is used for real estate, the IRS could penalize the entire balance in a prohibited transaction.
  • Check the investment scenario with custodians and other professionals who have experience in these transactions and can spot red flags.
  • If possible, choose to invest in a Roth IRA. The money in the Roth has already been taxed and any distributions, including capital gains on the property, are generally tax-free. Passing the All-Crucial Sniff Test in Selling the HomeIn addition to depersonalizing and de-cluttering, experts say home sellers need to be concerned about odors.Sales associates polled informally by REALTOR® Magazine Online a few years ago said the lingering presence of pets, tobacco, mildew, and decay in the air are major deal-breakers.

    Given that not everyone smells the same odors and that people can become accustomed to a particular smell over time, it is important for home sellers to have their sales associates or another objective party inform them about unpleasant scents in their homes.

    If buyers can’t imagine clearing the smell, they can’t imagine occupying that space. The smell of cat urine is especially difficult to remove, with Chris Coffin of the Alexandria, Va.-based branch of the cleaning company ServiceMaster estimating that spot-cleaning carpets and replacing the carpet pad would cost home buyers upwards of $400; removing and replacing saturated floors would cost much more.

    Coffin adds that it often takes three cleanings to remove nicotine odors from walls, and some cases involve the replacement of insulation.

    Experts urge home buyers to be wary of air fresheners, candles, and other scents when touring homes, as they could be used to conceal offensive odors. A better solution for sellers, they say, is to clean drapes, sheets, and pet bedding as well as to air out the house.

    Written by Realty Times Staff