By Marie Brown

SACRAMENTO (OBSNews.com) - Real estate market watchers across Sacramento and the nation can continue to enjoy a strong tailwind in the form of continued low interest rates for home loans. Home lending giant Freddie Mac recently reported that the average rate for four types of home mortgage loans reached their lowest levels since 1971.

Part of the reason for the continued decline in mortgage rates is because the prices on Treasury securities has increased. This creates a correspondingly lower yield for the Treasuries, and, because mortgage loan rates almost always follow suit.

Rates on 30 year fixed mortgages averaged 4.49% compared to last Thursday's week end rate of 4.54% 15 year fixed rate mortgage loans carried an average rate of 3.95%, off from 4% the week prior.

By Marie Brown

SACRAMENTO (OBSNews.com) - For borrowers interested in buying a home in Sacramento or across the nation there is good news in that mortgage giant Freddie Mac said Thursday that mortgage rates have fallen to record new lows.

The average rate of 4.56% for a 30 year fixed rate mortgage loan was down one one-hundredth of a percent from the previous week. This rate is the lowest since 1971. 15 year fixed loan rates were down to 4.03% from 4.06% the week before.

Speaker Pelosi Joins Reps. Doris Matsui, Mike Thompson, Steve Israel and 56 Additional Members In Calling for Immediate Action to Continue Innovative, Successful PACE Program for American Homeowners, Businesses and Municipalities

By Mara Lee

WASHINGTON, D.C. (OBSNews.com) – Today, Congresswoman Doris Matsui (D-CA) sent a letter with the support of Speaker of the House of Representatives Nancy Pelosi (D-CA), and Representatives Mike Thompson (D-CA), Steve Israel (D-NY), and 56 additional Members to President Barack Obama urging him to use all of the avenues available to him to reinstate the Property-Assessed Clean Energy (PACE) program, which has proved to be a successful resource for homeowners and for municipalities that want to reduce their energy consumption. Specifically, the Members requested that the Federal Housing Finance Agency (FHFA) immediately publish revised guidelines that would allow PACE financing programs to continue while ensuring that both taxpayer and private mortgage investments are protected.

FHFA recently announced it would no longer allow responsible homeowners to use the PACE program, despite the strong interest counties and consumers across the country have shown in the program, and the strong support for the program from the Department of Energy (DOE), Congress, and others. Accordingly, the 60 signers of today’s letter encourage the President to exercise all of his authority to resolve the uncertainty surrounding the PACE program, especially at a time of continued economic insecurity for millions of American families and businesses.

Matsui Language Included in Flood Insurance Reform Priorities Act Are Win-Win for Sacramento

By Mara Lee

WASHINGTON, D.C. (OBSNews.com) – Today, the U.S. House of Representatives passed H.R. 5114, the Flood Insurance Reform Priorities Act of 2010. This bill includes two provisions sought by Congresswoman Matsui that are critically important to flood zone designations and the cost of flood insurance in the Sacramento region. Representative Matsui has fought for several years on behalf of Sacramento homeowners, to implement these changes – together with the completion of the 200-year levee work going on in the Natomas Basin – would bring down insurance rates and improve public safety. Rep. Matsui continues to make flood control her top priority.

“As many of my colleagues can attest, providing the security and safety of the Sacramento region is my number one priority in Congress,” Matsui said on the House floor today while managing debate on H.R. 5114. “And even as we near passage of provisions I have been working tirelessly on for the last year, I will continue to advocate for the people of Sacramento – the most at-risk river city in the country. I am proud to be part of the solution and to help make sure residents of Sacramento – and other flood-prone communities around the country – can afford to purchase the flood insurance they need to protect their homes and businesses.”