Thursday, July 13, 2006

Motgage Rates Down This Week

MORTAGE RATES DOWN SLIGHTLY THIS WEEK ON NEWS OF LOWER THAN EXPECTED JOB GROWTH.

Bad economic news helps to keep inflation low, which in turn eases the pressure on long term interest rates, including mortgages.

This week, the national average for the 30 year fixed rate mortgage is at 6.87 %, down from 6.9 1 % last week. The average 15 year fixed rate mortgage is at 6. 47 %, down from 6.5 4 % last week. The average 5/1 ARM is currently at 6.52 % , up from 6. 55 % . These average rates are determined by a weekly survey of the largest lenders and this weeks numbers include an average of .31 % in origination fees and points.

Information brought to you by Jason Weber, Mortgage Loan Officer at GMAC Mortgage on Scenic Hwy, Pensacola.

Saturday, July 08, 2006

Federal Grant Money For Gulf Breeze

From WEAR TV
"Federal grant money promises to make Gulf Breeze less vulnerable the next time a hurricane hits. As Cynthia Reeves reports, the city will use the money for several projects including adding more sewer services.
Gordon Mackenzie supports the plan to reduce the number of septic tanks in Gulf Breeze. About half of the city's homeowners still use them, including him Mackenzie lives on Pensacola Bay and worries about septic tanks polluting the bay when hurricanes hits.
"I think since I was a kid the bay has sure has gone downhill dramatically as far as the number of fish and cleanliness of the water, so I would like to turn that around."
Unfortunately, Mackenzie recently invested in an expensive new septic tank because he had to completely rebuild his home after Hurricane Ivan.
Still, he's willing to convert to a sewer system and he may get his chance by the end of the year. Gulf Breeze is receiving a million dollar hurricane mitigation grant and will be able to offer sewer services to several areas at a discounted price. The goal is to reduce storm surge damage.
Buz Eddy/Gulf Breeze City Manager: "A central sewer would continue to operate where as a septic situation can be damaged by too much rainfall and storm inundation and that sort of thing."
The project includes new generators to run wasterwater pumps and the city will be able to purchase two new fuel tanks to store gas and diesel needed to keep the city running. During Hurricane Ivan, city leaders quickly found out one tank was not nearly enough.
Buz Eddy/Gulf Breeze City Manager:"It was real close to the edge a couple of times where we weren't sure we were going to be able to continue police response, fire response and operating the wastewater treatment plant on diesel generators because we didn't have enough fuel."
The city manager says the improvements should give people peace of mind that their city will soon be more self sufficient during hurricane season."

JME Realty Climbs To Top

Joe Endry keeps on growing. Read here in the Pensacola News Journal how JME Realty is "leapfrogging" to the top.