Rates for 30-year home loans edged up this week to 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said Thursday. The average rate on a 15-year fixed-rate mortgage fell to 4.87 percent, down from 4.89 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.99 percent, [...]

We blogged about the $8000 tax credit back in February, but there are some new proposals in the works in Washington. Both legislators and the business community are hoping to build on the $8000 tax credit.  A number of bills have been introduced in the House and the Senate and among the proposed changes are: [...]

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing. 2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. [...]