Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

How to Get the Extended Home Buyer Tax Credit

You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
2. Decide whether to:
• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
• file an amended 2009 return; or,
• apply the credit on your 2010 return, filed on or before April 15, 2011.
3. Attach documentation of purchase to your return.

Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
• Claim the credit on their 2010 tax returns.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:
1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.

Thought of the Day

Adults are just kids who owe money.

Home Buying Tax Credit

If you are looking to purchase a home for the first time and want to recieve the Tax Credit of up to $8,000 you better act now. You need to settle by November 30,2009 as the credit expires on December 1, 2009. Call Maryland Residential Realty for information at 410-719-0760.

www.MDResidentialRealty.com

Maryland is Wealthiest State in the U.S.

Maryland once again ranks number one as the "Wealthiest State" in the United States with an average income of $70,545 and that is up from 2008 by $1,500.

Maryland also ranks high in Education. Not only do we have the best school system in the country but 35.2 percent of Marylanders have a Bachelors Degree ranking us as number 5 in the U.S. and we rank number 3 in the U.S. with advanced dgrees.

The only thing that we seem to be bad in is commuting. We are the 2nd with an average commute of 31.5 minutes, second only to New York.

What are your thoughts on thi

Baltimore County Executive Candidate

Baltimore County Councilman Kevin Kamenetz is considering running for Baltimore County Executive. With that in mind there will be a "Meet and Greet" fundraiser on Thursday, October 29, 2009 at Rolling Road Golf Club. The cost of this event will be Fifty Dollars per person and includes Hoer's d'oeuvres, Sodas and a Cash Bar. The event starts at 6:30PM and ends at 8:30PM. If you would like tickets please contact George Brookhart at 410-719-0760.

George Brookhart
www.MDResidentialRealty.com

Success

Success is not the key to happiness> Happiness is the key to success. If you love what you are doing, you will be successful>

Baltimore County's Economy Now and the Future

Come here David Iannucci, Executive Director of Baltimore County Economic Development speak about Baltimore County's Economy, now and the future. This event will take place on Tuesday, September 22, 2009 starting at 6:00PM. The location is BWTECH@UMBC Incubator, 1450 S. Rolling Road, Catonsville, Maryland 21228. There will be drinks and Hors D' Oeuvres and the cost is $20 per person. for more information go to . Maryland Residential Realty is Proud to be a sponsor of this event. You can also call 410-719-9609.

Catonsville 5K and 10K Race

Catonsville Fall into Fitness 5K and 10K Race and 1 mile walk will be held on Saturday, September 26th at the Community College of Baltimore County Catonsville campus which is located at 800 S. Rolling Road. for more information fo to or call 410-747-9981. Registration starts at 7:00AM and the race begins at 8:00AM. Proceeds benefit the ST Agnes Cancer Center, the CCBC Foundation Catonsville and the Rotary Club of Catonsville Sunrise Foundation. The will be music, food, prizes and much more. Maryland Residential Realty is proud to be part of this event.

Catonsville Arts and Crafts Festival

Don't miss out on the Catonsville Arts and Crafts Festival. This great even will take place on Sunday, September 13 on Frederick Road in Catonsville. Starts at 10:00AM and closes at 5:00PM. it features art, crafts and great food and music. This yearly event draws over 25,000 people. Maryland Residential Realty and proud to be part of the great event. Hope to see you there.

Welcome New Student to UMBC

George Brookhart, President of the Catonsville Chamber of Commerce and Broker & Owner of Maryland Residential Realty welcomes over 150 of the new Freshman Students entering UMBC. George played host and tour guide taking several bus loads of UMBC Freshman Students on tour through Catonsville showing them the many restuarants, music stores and shops thru-out the area.

Frederick Road Friday's

Frederick Road Friday's has been a major success this year. Catonsville is Music City Maryland and this proves it. Frederick Road Friday's provides FREE music every week to Catonsville Residents. We have features the following bands;

1. Automatic Slim
2. 5 Oaks
3. Appaloosa
4. Realty Jones
5. Groove Mammals
6. Bill Dickson & MTT
7. The Gigs
8. High Strung
9. Marquis Soul
10. Channel Cats

Next show is Friday September 4th at 6:30PM and will feature Blue Streak. Friday, September 11th will be UMBC night.

Maryland Residential Realty is proud to be a sponsor of Frederick Road Friday's.

Congratulations to UMBC

Congratulations to UMBC (University of Maryland Baltimore County) which was recognized by US News & World Reports as the Number #1 up and coming college in America. Catonsville is proud to have UMBC as one of its residents and proud of it's many accomplishments. UMBC is an Honors College.

First Time Buyer Tax Credit

$8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Frequently Asked Questions About the Home Buyer Tax Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1. Who is eligible to claim the tax credit?
2. What is the definition of a first-time home buyer?
3. How is the amount of the tax credit determined?
4. Are there any income limits for claiming the tax credit?
5. What is "modified adjusted gross income"?
6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
7. Can you give me an example of how the partial tax credit is determined?
8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
9. How do I claim the tax credit? Do I need to complete a form or application?
10. What types of homes will qualify for the tax credit?
11. I read that the tax credit is "refundable." What does that mean?
12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
16. I am not a U.S. citizen. Can I claim the tax credit?
17. Is a tax credit the same as a tax deduction?
18. I bought a home in 2008. Do I qualify for this credit?
19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
20. The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
21. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
22. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
1. Who is eligible to claim the tax credit?

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.

2. What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?

Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is "modified adjusted gross income"?

Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?

Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit?

Do I need to complete a form or application?Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

10. What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.

11. I read that the tax credit is "refundable." What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?

No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
20. The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.

21. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

22. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Maryland Real Estate Trends 2009

It appears that the real estate market in the Baltimore Metro area is showing some signs of new life. Allthough the figures are not in yet, sales have increased in June and July of 2009. The strongest segment of the market seems to be in homes selling for $250,000 to $350,000.

The first quarter of 2009 was sluggish. Here are some of the sales statistics for the number of homes sold in the metro area for the 1st quarter 2009 compared to the same period for 2008;

1. Anne Arundel County - Down 15%
2. Baltimore City - Down 17%
3. Baltimore County - Down 18%
4. Carrol County - Down 24%
5. Howard County - Down 15%

June 2009, according to the numbers compiled so far from MRIS, faired much better. Here are the numbers for June 2009 vs June 2008;

1. Anne Arundel County - Down 1.26%
2. Baltimore City - Down .95%
3. Baltimore County - Down .15%
4. Carrol County - Down 5.19%
5. Howard County - Down 3.39%

Prices are still decreasing slightly but I do see it starting to level off and have experienced some multiple offers on some homes.

The highest average sales price is in Talbot County which is $559,900 with Montgomery County coming in second at $442,400. Howard County's Average Sold price dropped in the first quarter of 2009 to $378,600 which was a 8% drop. However Howard County's average Sold price for June 2009 was $398,637 which is a drop of 6.47 over June of 2008.

The buyers are starting to come out of the closet as they see the beginnings of a rebound in our economy and the prices are starting to level off so now is the best time to buy before there is any increase in price. Interest rates are still low at about 5.25% and as Wall Street improves these interest rates may rise.

Quote of the day

If I had permitted my failures, or what seemed to me at the time a lack of success, to discourage me I cannot see any way in which I would ever have made progress.

Calvin Coolidge

Housing and Economic Recovery Act (HERA) Mortgage Regulations

A new government regulation is going into effect on July 30, 2009.
This regulation requires all mortgage lenders and brokers to provide
Truth in Lending (TIL) disclosures to borrowers according to a defined
schedule. This schedule may alter your borrowers’ closing date
expectation. The regulation is in the best interest of our borrowers,
so it’s important we all understand and implement it thoughtfully
and consistently. In addition, we all need to work together to ensure
the changes that will result from this regulation are understood by
our borrowers.

Loans cannot close until at least seven days have passed from
date of application.
Lenders and brokers must issue the initial TIL disclosure at least
seven business days before loan consummation (document signing).
Regardless of how the initial TIL is provided to the borrower, closing
documents cannot be signed earlier than seven business days after
the initial TIL has been issued.

Changes start the three-day clock again.
If there are any changes to the loan parameters that affect the
Annual Percentage Rate (APR) on the TIL, the resulting APR must
be compared to the latest TIL provided to the borrower. If there is
an increase greater than .125% in the APR, the lender must provide
a corrected TIL to the applicant. Fees considered to be finance
charges that are used in the APR calculation include but are not
limited to discount points, lender and broker fees, Life of Loan flood
certification coverage, settlement agent or attorney fees. Borrowers
must be provided three business days to review this amended TIL
prior to loan closing.

Fees can’t be collected until disclosures
are received.
The regulation prevents the collection of all fees from
the borrower, except the expected cost of the credit
report, until the initial TIL has been received by the
borrower. This may delay appraisal orders or orders for
other essential services; therefore it’s very important
we work together to set your borrowers’ expectations
for closing accordingly. If the initial TIL is delivered to
the borrower face-to-face, fees for these services can
be collected at that time.
The changes this regulation will bring are positive ones
for our borrowers. This new regulation strives to ensure
borrowers have a clear understanding of the fi nancial
obligation they are about to assume. We look forward
to working with you to make sure borrowers have
ample opportunity to review their loan documents, are
well informed about the details of their real estate
transaction before consummation, and remain
confident in their home financing decision.

Improving the value of your home

Improving your home costs money, and everyone wants to ensure that they increase the resale value of their home and ability to recoup costs. There are specific areas of a home that can be remodeled and bring the greatest return on investment. These areas include deck, kitchen, window replacements and new siding.
Although the home market is slow, there are certain home improvements people can make to their homes which makes the home easier to sell. This is called “curb appeal,” which is especially important in today’s online real estate industry.
Many people shop online for homes, before they follow up with an actual visit. Curb appeal is critical in online photographs. If a home appears to be rundown or in poor condition on the outside, these people will never come to see a home that may have just been completely remodeled on the interior.

Smal Hike in Mortgage Rates

Mortgage rates rose for a second week as Treasury yields climbed, a move that does not bode well for the hard-hit housing market.
Interest rates on 30-year fixed-rate mortgages averaged 5.25% this week, up from last week's 5.20%, according to a survey by home funding company Freddie Mac.
The mortgage rate was significantly higher than the record low 4.78% set the week ended April 2. Freddie Mac started the Primary Mortgage Market Survey in 1971.
Mortgage rates remained above 5% for a ninth week. Experts say rates at 5% and below are needed to make a significant impact on home loan demand.
Treasury yields, which influence mortgage rates, have risen recently, with mortgage rates responding in kind.

A Going Green Tip

Turn Off Your Computer
Save energy and wear and tear on your hardware by shutting down your computer at night. You'll save an average of $90 of electricity a year. The Department of Energy recommends shutting off your monitor if you aren't going to use it for more than 20 minutes, and the whole system if you're not going to use it for more than two hours.