Mortgage rates fall to fresh lows this week

Mortgage rates fall to fresh lows this week

By JANNA HERRON, AP Real Estate Writer

NEW YORK – Rates on fixed mortgages dropped to their lowest levels in decades this week after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth.

Mortgage buyer Freddie Mac said Tuesday the average rate for 30-year fixed loans fell to 4.17 percent from 4.24 percent last week. That's the lowest on records dating back to 1971.

The average rate on 15-year fixed loans fell to 3.57 percent from 3.63 percent. That's the lowest since the survey began in 1991.

The Fed detailed plans last week to buy $600 billion in Treasury bonds. On Wednesday, the central bank gave more details, saying it plans to purchase $105 billion in Treasurys over the next month. The extra demand means Treasurys will produce lower yields for investors. Mortgage rates tend to track those yields.

Mortgage rates have been at or near historic lows since April as investors, concerned about the health of the global economy, shift their money into Treasurys, pushing down rates on the bonds and consumer and business loans.

While more borrowers have refinanced their home loans, low rates have done little to boost the beleaguered housing market. Would-be buyers remain on the sidelines, too worried about their jobs or unable to qualify for a loan because of tighter credit standards. Others can't sell their own homes before buying another.

Home sales were the worst in decades this summer, and home prices fell in half of U.S. cities in the third quarter, the National Association of Realtors said Thursday.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

Rates on five-year adjustable-rate mortgages fell to their lowest level in at least five years. They averaged 3.25 percent, down from 3.39 percent a week earlier. It is the lowest rate on records dating back to January 2005.

Rates on one-year adjustable-rate home loans were unchanged at 3.26.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.

The average fee for 30-year and 15-year fixed loans in Freddie Mac's survey was 0.8 point. It was 0.7 point for 1-year and five-year mortgages.

Original article

LAST-MINUTE CONFICKER SURVIVAL GUIDE

Tue Mar 31, 2009 1:42PM EDT

Buzz up!on Yahoo!

Tomorrow -- April 1 -- is D-Day for Conficker, as whatever nasty payload it's packing is currently set to activate. What happens come midnight is a mystery: Will it turn the millions of infected computers into spam-sending zombie robots? Or will it start capturing everything you type -- passwords, credit card numbers, etc. -- and send that information back to its masters?

No one knows, but we'll probably find out soon.

Or not. As Slate notes, Conficker is scheduled to go "live" on April 1, but whoever's controlling it could choose not to wreak havoc but instead do absolutely nothing, waiting for a time when there's less heat. They can do this because the way Conficker is designed is extremely clever: Rather than containing a list of specific, static instructions, Conficker reaches out to the web to receive updated marching orders via a huge list of websites it creates. Conficker.C -- the latest bad boy -- will start checking 50,000 different semi-randomly-generated sites a day looking for instructions, so there's no way to shut down all of them. If just one of those sites goes live with legitimate instructions, Conficker keeps on trucking.

Conficker's a nasty little worm that takes serious efforts to bypass your security defenses, but you aren't without some tools in your arsenal to protect yourself.

Your first step should be the tools you already have: Windows Update, to make sure your computer is fully patched, and your current antivirus software, to make sure anything that slips through the cracks is caught.

But if Conficker's already on your machine, it may bypass certain subsystems and updating Windows and your antivirus at this point may not work. If you are worried about anything being amiss -- try booting into Safe Mode, which Conficker prevents, to check -- you should run a specialized tool to get rid of Conficker.

Microsoft offers a web-based scanner (note that some users have reported it crashed their machines; I had no trouble with it), so you might try one of these downloadable options instead: Symantec's Conficker (aka Downadup) tool, Trend Micro's Cleanup Engine, or Malwarebytes. Conficker may prevent your machine from accessing any of these websites, so you may have to download these tools from a known non-infected computer if you need them. Follow the instructions given on each site to run them successfully. (Also note: None of these tools should harm your computer if you don't have Conficker.)

As a final safety note, all users -- whether they're worried about an infection or know for sure they're clean -- are also wise to make a full data backup today.

What won't work? Turning your PC off tonight and back on on April 2 will not protect you from the worm (sorry to the dozens of people who wrote me asking if this would do the trick). Changing the date on your PC will likely have no helpful effect, either. And yes, Macs are immune this time out.

If you have questions about the real estate market in the Greater Charleston, SC area please feel free to e-mail, Owen@OwenTyler.com or call 843.224.5398.