Monthly Archives: October 2011

Mortgage Rates Fall, Housing Opportunities Getting Better

For four weeks in a row, mortgage rates are seeing historic lows. The 30-year fixed average interest rate fell from 4.09% to 4.01% in the end of September. This marks the lowest rate since 1951.

Also, economists call the 15-year fixed mortgage drop to 3.28% the lowest ever for that loan. It appears they could go even lower as the Federal Reserve announced that it will push long-term rates down further.

These historically low mortgage rates aren’t necessarily rapidly selling homes. Across the country contract signings have been down. According to USAToday.com, “July’s index fell 5.8% in the Northeast, 3.7% in the Midwest and 2.4% in the West. It rose 2.6% in the South.”

The index of sales agreements, tracked by the National Association of Realtors, showed a 1.2% drop down to 88.6 (100 is considered healthy).

Still the opportunities for homeownership keep getting better. Some markets are more affordable than ever; prices have been cut in half in some metro areas.

Of course, getting a loan can be part of the barrier to entry in the housing market. These days, to qualify for a loan a 20% downpayment coupled with a high credit score are required by some lenders. Continue reading →

Saving on solar

Rebates and tax credits are bringing down the price of home solar energy systems and boosting their popularity. FPL plans to make another $15.5 million in rebates available soon.

On rooftops scattered across South Florida, installers are adding blue solar panels that harness the power of the sun to operate household appliances and heat water.

“I believe in sustainability. I believe in a world that’s good for my children and grandchildren,’’ said John Van Leer, who is putting in a photovoltaic system that will supply about 85 percent of the power he needs for his house in unincorporated Miami-Dade County.

Even at this sunny end of the Sunshine State, though, adding solar power can be an expensive investment that takes years to pay off in savings on energy bills. Solar water heaters run about $4,000 to $6,500, while photovoltaic systems for typical South Florida residents are in the $25,000 to $40,000 range.

Probably in mid-October — the date has not been announced — Florida Power & Light will make another $15.5 million available in rebates to subsidize the cost of installing solar equipment on homes and businesses. It’s the second time the utility has offered the rebates, some of which were snatched up within minutes after they became available in June. That June allotment is reserved for about 825 solar water heaters and about 525 photovoltaic systems. FPL has not yet announced the specifics of the next round. Continue reading →

Design Details: Lighting

Three lighting designers offer up fresh ideas on the brightest ways to illuminate your homes.

If you’re looking for a silver lining to the housing downturn, you can find it in design. As builders and buyers have looked for ways to cut costs, many of the unnecessary—and sometimes bizarre—ornamental elements lavished upon homes during the boom have been stripped away, opening the way for pared down plans all the more beautiful for their simplicity.

But while buyers want less of what isn’t necessary, they’re still looking for the best of what is—which makes this an ideal time to revisit your designs with an eye toward perfecting your homes’ basic elements. And if you need a good place to start, try lighting. With lots of new money- and time-saving technologies, and inexpensive maneuvers that pack a dramatic punch, lighting is an ideal makeover candidate for tight budgets. Continue reading →