In The News 2012 Interest Rates

Mortgage Rates Smash Old Record

NEW YORK (CNNMoney) — Mortgage rates fell again this week, smashing previous record lows, according to a

regular weekly release from mortgage giant Freddie Mac.

The rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62% from 3.66% last

week. The rate has matched or hit a new low for 10 of the past 11 weeks, Freddie Mac said. Meanwhile, the 15-

year fixed rate fell to 2.89%, down from 2.94%.

"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove

long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record

lows," said Frank Nothaft, Freddie Mac's chief economist.

The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to trade-up and

minimize their total interest payments. At the current rate, a borrower financing $200,000 would pay $1,370 a

month and spend a total of just under $47,000 in interest over the 15-year span of the mortgage.

Buyers who want to minimize their monthly payments by opting for a 30-year loan would have payments of just

$911 a month on a $200,000 loan. But they would pay $128,000 in interest over the life of the loan.

One year ago, the same 30-year loan would have carried a 4.6% rate and cost about $100 more a month.

Rates will probably stay low for a while, according to Keith Gumbinger of HSH.com, a mortgage information

provider.

"We're creeping our way down," he said. "With the soft economic data of the past few weeks and little hope for

the jobs report coming out tomorrow, there's not a lot to suggest a strengthening economy."

He pointed out that the spread between Treasury yields and interest rates is still wider than usual, with a full two

percentage points separating them. More typical is a spread of about 1.7 percentage points.

That means mortgage rates could have even further to fall if Treasury yields drop or even hold steady

Kitchen islands aren’t going away

‎Tuesday, ‎May ‎08, ‎2012,
‏‎9:00:37 AM | jason e cook

The kitchen island is often the hub of the home, the place where family
members and guests gather to eat and socialize. While the island’s function
remains the same as it has been for years, its look and feel are changing.
“Pare it down to the basics, and anything else is a great addition but not
necessary,” says Samantha Emmerling, a senior editor at House Beautiful,
as reported in the Chicago Tribune. She notes that since most homeowners want an area for prep,
additional counter space, seating, and storage, the form of the actual island
ought to follow its function.
What about size? The National Kitchen and Bath
Association recommends a minimum of 3 feet by 4 feet. Maximum size should be
determined by the aisle space that surrounds the island. A clearance of 42
inches is ideal for providing ease of movement. Kitchens accommodating more than
one home cook, however, should have at least 48 inches of aisle space.
Homeowners can get creative with design, because the best islands are not
necessarily custom-built.

Better Homes and Gardens features furniture pieces that are up to the task —
antique table, workbench, and stainless steel restaurant-grade
shelf. Repurposing antiques and salvaged pieces or buying shelves that aren’t
expressly made for the kitchen add unique style and charm to the single-most
utilized room of the home.

Thanks!  Jason

Jason E. Cook at Bellevuebuzz.com showcases the Neighborhood of the Week, “Whispering Heights & Collingwood”.

Jason E. Cook and Gavin showcase the neighborhood of the week!  This week the NOtW is Somerset!  Nestled in the foothills just south of I-90 and above Factoria.  The neighborhoods crown jewel is Somerset Elementary school!  you can visit their webstite here:   http://www.bsd405.org/schools/elementary/somerset.aspx

Another fun place to go in Somerset is the Somerset Rec Club!  Here you can enjoy summer BBQ’s, swim team, and an Amazing Tennis program!  Just ask Jason Thompson!  Visit them on the web here: http://www.somersetrec.org/

To nominate your neighborhood in Bellevue Washington, contact Jason E. Cook with www.BellvueBuzz.com at 206-280-1911!

Thanks and have a great day!