> Advice For Borrowers
Mortgage Rates Slide, Ownership Rises, And Bins Are In
by Peter G. Miller
Mortgage Rates Trend Downward It was last June that mortgage rates reached the lowest levels seen in decades -- 5.21 and .5 points, according to Freddie Mac. Since then, rates rose to as much as 6.44 percent in September and 6.02 percent in December, both with .6 points. We're not back to June's record-setting lows -- but as of late February we're not far off: 5.58 percent with .6 points for 30-year, fixed-rate financing according to Freddie Mac. Rates for 15-year loans touched 4.87 percent while "start" rates for adjustable loans (ARMs) reached 3.53 percent -- both with .6 points. Adjustable rates, of course, can and inevitably will change over time. What does it mean? The late-February rates have surprised many people, but surprise or not the important point is that financing at enormously attractive levels remains available for both buying and refinancing. A Place For All That Stuff Over time where we live tends to become more cluttered. A lot of new homes now have three garage bays not because the owners want to keep three cars indoors, but because garages are ideal for storing large, bulky items. Somehow, magically, one or more of those bays becomes the repository for household goods that don't seem to fit anywhere else. If clutter is a growing issue in your household, there's at least some good news: Storage is becoming far easier than in the past. Among the new products on the marketplace: - Stainless steel shelves. Here's an idea taken from commercial kitchens and with good reason: stainless steel shelves won't rust or discolor, they're easy to clean, strong, many systems can be built without tools, they're decorative and when you move they can be disassembled and easily transported.
- See-through plastic bins. Putting stuff in cartons may get possessions out of sight -- but after a few months the content of those cartons may be tough to remember. With clear plastic bins everything is clean, dry and tidy -- plus you can easily see what you've got.
- Plastic tubs. The monsters of storage, plastic tubs can hold things that are big, bulky and magnets for dust. Tubs are both light and strong, and if today's content no longer has value, the tubs can be re-used for years and years.
Office supply stores and outlets that specialize in containers and furnishings usually have an assortment of storage devices that can work well in homes. Homeownership Reaches Record Level According to the Census Bureau, 72,650,000 households now own their own homes -- that's equal to 68.3 percent of the population, a record. Minority ownership reached a record 50.6 percent in the fourth quarter of 2003, which means there are now 14,852,000 minority homeowners. The National Association of Realtors says first-time buyers represent 40 percent of all home sales, so it's important to have new purchasers entering the marketplace each year. Increasing ownership rates coupled with a rising population and a sound local job base suggest that demand for real estate remains generally strong nationwide. People want to own and that's good for homesellers, good for the economy and good for us all. Staying In Touch When You Move When you move it's important to update your postal information so mail can be forwarded to your new address. Fortunately, changing addresses is both quick and easy. - Notify the Postal Service about a month before you move. Such time is necessary because the post office will contact you at your current address to assure the notice is legitimate. Use the change-of-address form (PS Form 3575) from your local post office or go online to www.usps.com/moversguide.
- First Class, Priority and Express mail will be forwarded to your new address for a year.
- Newspapers and magazines will be forwarded for 60 days.
- Packages weighing a pound or less will be forwarded locally for a year. If you move to somewhere which is not local there will be a forwarding fee. Speak with your local post office for details.
- Books, catalogs and other mail will not be automatically forwarded unless you ask.
For details and questions, contact the nearest local post office. | 
