In Freddie Mac’s results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.97 percent with an average 0.7 point for the week ending November 26, 2008, down from the previous week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent.

The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from the previous week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent, with an average 0.6 point, down slightly from the previous week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent.

One-year Treasury-indexed ARMs averaged 5.18 percent with an average 0.5 point, down from the previous week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 percent.

“Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide,” said Frank Nothaft, Freddie Mac vice president and chief economist. “And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980.

“However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors®.”

Buyers With Great Credit Scores in Driver’s Seat

Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.

“There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver’s seat,” says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.

Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.

Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can’t get the best interest rate on a mortgage.

Tax Credits Give Solar Power a Boost

A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.

The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.

In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.

Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.

More First-Time Buyers Entering the Market

The 2008 National Association of REALTORS® Profile of Home Buyers and Sellers reveals that the number of first-time buyers have risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.

Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow.

“First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply, and affordable interest rates, it’s been an optimal time for entry-level buyers with a long-term view.

“Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”

The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. “Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory,” Yun said.

According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.

The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.

“The study covers transactions through the middle of 2008, so we can assume the down payment numbers have shifted recently because credit tightened and no-down payment loans all but disappeared around the close of the survey,” Yun explained.

Of first-time buyers who made a down payment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.

Written by Realty Times Staff

This is What You’ve Been Waiting For

From About.com

This is it! The final week has arrived and Thanksgiving is almost here. You don’t have much left to do except the final touches on a perfect holiday celebration.

• This is the time for your final full-house cleaning. Put away extra things from the kitchen counters so you’ll have plenty of room to work.
• Make your shopping list and purchase the last things on your menu.
• Prepare any foods you can make ahead and store them carefully.
• Purchase your fresh produce items and get them chopped and prepared for final cooking. Measure out ingredients for casseroles and put the items in plastic bags for easy use.

The day before Thanksgiving

• Bake your pumpkin, pecan, or berry pies so they’re ready for the feast.
• Do a quick cleaning of your home and pick up any straggling “stuff.”
• Set the table for your holiday dinner.

Enjoy your Thanksgiving Day!

• Prepare the Thanksgiving turkey. Use your traditional recipe or create a new tradition.
• Enjoy your guests and your wonderful meal.

Time Is Running Out

From About.com

Can you believe there’s only one week ‘til Thanksgiving? Don’t worry. You’ve got almost everything ready. Sailing through these final chores will be a breeze.

• Get your ready for your house guests.
• Prepare your Thanksgiving menu, including all the add-ons, like butter with rolls, cream and sugar with coffee, lemon for the water, and whipped cream with your pumpkin pie. This way, you won’t forget anything!
• Using the Thanksgiving menu that you’ve prepared, make a shopping and cooking list for the Big Day!
• Start to assign tasks to members of your family, so that everyone will participate and feel a part of the day.
• If you plan to use a professional florist, this is the time to order online or visit your local florist. Coordinate the colors with your room and your linens, concentrating on the special holiday.
• Now is the time to begin making your centerpiece if you’re going to do it yourself.
• If you’ll have children at your Thanksgiving celebration, you might want to collect appropriate games and videos to keep them happy while the adults are visiting.
• Plan your table place settings and place cards.
• Confirm the number of guests you’ll have and collect all the tableware you’ll need. Remember that it’s perfectly acceptable to use different patterns of silverware on even a formally set table.
• Clear out your coat closet so there’s enough room for your guests’ coats.
• Plan where you’ll serve your meal from and get out all the serving pieces you’ll need.
• Add fresh touches to your indoor décor.

November 22, 2008
Turkey Trot 5K
Cartersville Soccer Complex

November 20, 2008
Booth Western Art Museum Evening Lecture and Meet the Artists Reception
Booth Western Art Museum, Cartersville, Georgia

November 19, 2008
Lunch and Learn
Bartow History Center, Cartersville, Georgia

You Still Have Plenty of Time

From About.com

With only two weeks til Thanksgiving, get going on these tasks.

• Start to make homemade holiday gifts or baked goods for Thanksgiving. You’ll be happy not to get caught unprepared at the last minute.
  
• Continue with your outdoor decorating. Add some special interest to your front door to welcome your guests.
  
• Finalize your Thanksgiving menu and collect all your special recipes in a special folder. You may even want to laminate the recipes you’ll be using, so they stay neat and clean.
  
• My mother always prepared a fresh turkey—not a frozen one. This would be the time to order it from your favorite butcher so it’s ready when you need to pick it up. It’s getting harder and harder to find fresh turkeys, but ask around.
  
• Finish addressing and stamping your Christmas or holiday cards. Enter the addresses into a template on your computer so they can easily be updated from year to year.
  
• Check your supplies of holiday wrap, ribbon, tape, and tags.
  
• Make your holiday gift list. If you’re like me, you collect things throughout the year. Be sure to add these things to your list so you don’t duplicate.
  
• Note any deadlines for shipping across country or abroad or for ordering gifts.
  
• Using your Thanksgiving shopping list, buy all the canned goods and staples you’ll need for preparing your Thanksgiving feast.
  
• Organize your kitchen pantry to make room for the extra things you’ll have for the holidays.
  
• Start to clean your home, wash windows, and do some needed yard work.

You Can Get Lots Done in the Second Week of November

From About.com

As week three before Thanksgiving begins, add these items to your to-do-list.

• When you prepare some of your favorite dinners for the week, make a double batch and freeze the leftovers. You’ll be ready for meals during the busy holiday week.
• Begin to plan the final menu for Thanksgiving. If guests are going to contribute to the meal, let them know what they can bring. Cross those items off your list!
• Visit the post office and buy stamps for your holiday cards.
• Take out all your flatware and serving pieces and polish the silver. You’ll get this task out of the way early and you can keep the pieces tarnish free until you’re ready to use them.
• Snuggle down by the fire with a yummy mug of spiced cider or hot tea and write your Thanksgiving invitations.
• Select your favorite family photo of the year and order reprints for your holiday cards.
• Make and freeze cookie dough to use during the holiday season. Nothing is as good as fresh, hot cookies out of the oven!
• If you’re planning to order a Christmas tree from an online source, you should do it now! Check out our choices of Top 10 Christmas Trees and select your favorite.

November 9, 2008
Western Movies
Booth Western Art Museum, Cartersville, Georgia

November 7, 2008-November 8, 2008
2009 Miss Georgia USA and Miss Georgia Teen USA Pageants
Woodland Performing Arts Center

November 7, 2008-November 8, 2008
Dearly Departed
Legion Theatre, Cartersville, Georgia

November 8, 2008
The Burning of Cassville
Cassville Confederate Cemetery

November 8, 2008
Children’s Saturday – Benjamin Franklin and The Turkey
Booth Western Art Museum, Cartersville, Georgia

November 8, 2008
Autumn Hike at Pine Log Creek Trail
Pine Log Creek Trail