Interest Rates Decline

I recently read an article I found on MortgageNewsDaily.com. The article talked about the steady decline in interest rates that we have been seeing. I included a couple of passages from the article that I think are note worthy: “The 30-year fixed-rate mortgage (FRM) reached its third lowest level of the year at 6.14 percent with an average of 0.4 in fees and points. With 2006 drawing to an end, only two weeks, those ending January 19 and January 26, recorded lower rates at 6.10 and 6.12 respectively. Last week's level was 4 basis points below that for the week ended November 22. With the exception of a single small one-week up tick in November, rates have steadily declined since the week ended October 26. Frank Nothaft, Freddie Mac vice president and chief economist stated that "Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year. Mortgage applications for home purchase in November have remained healthy, due largely because of the drop in mortgage rates and a softening in home prices in some areas."
The Mortgage Bankers Association in its Weekly Mortgage Applications Survey for the week ending December 1 was in rare unanimity with Freddie Mac in finding interest rates retreating in all categories.
The survey results show that the average contract interest rate for 30-year fixed-rate mortgages decreased to 5.98 from 6.13 percent, with points, including the origination fee, decreasing to 0.91 from 0.97. This is the lowest level reported by MBA for the 30-year FRM since October 2005.”
This is a positive sign for the Real Estate market. The more the Interest Rates remain steady the more positive the Real Estate market looks. This year there have been a number of negative things said about the Real Estate market, that I believe has kept consumers out of the market. The more positive signs we see, the more consumers will return to the market place. With interest rates in a steady decline and property values balancing out, we should see a growing market in 2007.

Historic Uptown Theater

For all those familiar with the Uptown neighborhood here is an article found I found on Chicagoist.com website written by Shannon Saar . This is article focuses on the Historic Uptown Theater. Currently there are two major companies submitting bids to purchase the Uptown Theater. This could be a positive sign of good things to come for the Uptown neighborhood. Here is the article "Please, Boys, No Need to Fight Over Li'l OL' Me"