Mortgage rates are down to their lowest levels in three months and are helping to reinforce the housing market. Interest rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May, while initial rates on 5/1 ARMs declined to levels not seen since January 2005.

Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent with an average 0.7 point for the week ending August 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent.

The 15-year FRM this week averaged 4.56 percent with an average 0.7 point, down from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 6.00 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 4.57 percent this week, with an average 0.6 point, down from last week when it averaged 4.75 percent. A year ago, the 5-year ARM averaged 5.99 percent.

One-year ARMs averaged 4.69 percent this week with an average 0.5 point, down from last week when it averaged 4.72 percent. At this time last year, the 1-year ARM averaged 5.29 percent.

With such low rates, now is an ideal time take advantage of the bottom of the market with reduced prices and buy real estate in Outer Cape Cod. Whether it be as a second home retreat or as a rental investment, real estate in Provincetown, Truro and Wellfleet is one of the smartest places to put your money. Once the market bounces back, you'll have one heck of a portfolio. Such opportunities don't come around that often so when they do, it's wise to take advantage of them before they pass you by.

Thinking about building a new home or remodeling? Go green. They say green is good, and the Obama Administration and Congress believe it should be an integral part of pulling America out of its economic doldrums. According to the National Association of Home Builders, expanded tax credits for energy-efficient home improvements in the new economic stimulus package puts more money in consumers' pockets by providing financial incentive for home owners to go green on their renovation projects in 2009 and 2010. While more efficient homes save on water and energy bills, these tax credits will make such home upgrades even more affordable.

The Internal Revenue Code section 25C tax credit for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Homeowners could be rewarded for installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps. But remodelers found that the terms of the 25C credit -- equal to only 10 percent of the cost of each product and with a lifetime cap of $500 -- weren't strong enough to push enough homeowners off the fence and into action.

Now, the credit rate and lifetime cap have been tripled – to 30 percent and $1,500, respectively – the list of eligible improvements expanded, and the deadline for applying has been extended through the end of 2010.

Going green is becoming increasing popular in Cape Cod Massachusetts, particularly the Outer Cape in Provincetown, Truro and Wellfleet. I can help give guidance on local green friendly properties for sale as well as on architects and builders who are on top of this trend.

So it seems, that 'green' is good…not only for our health, or for for the sustainability of our nation's communities, or even for our wallets, but for our economy.

The real estate market is a topic turning up at dinner parties throughout the U.S. this year. Everyone loves to talk about it, from buyers to sellers, to Realtors and mortgage brokers, it impacts nearly every adult. It’s become a slight obsession in the U.S. and everyone has their own opinion. Has the market hit ‘rock bottom’?

What is the definition of a real estate ‘turn around’ and who is the expert? From a seller’s perspective, it may signify a return to double digit annual appreciation. For a buyer, it could mean easily obtainable mortgage money with little or no qualification guidelines. In a Realtor’s or mortgage broker’s mind it could mean a return to a comfortable annual income and a sixty hour work week.

The National Association of Realtors (NAR) identify a successful market ‘turn around’ if the marketing conditions in the U.S. moves from the current buyer’s market with approximately 10+ months worth of unsold inventory, to a seller’s market with less than 7 months worth of unsold inventory.

And home builders have their own definition of a ‘turn around’. Single family home starts rose for the second consecutive month in April posting a 2.8% gain. At the same time, issuance of single family permits which can be an indicator of future building activiy rose 3.6%. Obviously, home builders feel that there is a reason to be optimistic.

Real estate is local. So we will see recoveries in different places at different times. In Truro, Provincetown and Wellfleet Cape Cod, we have been seeing sales in the price range below $500,000 significantly up over the last few months. Additionally there has been an increase in the activity in the highest price brackets. These are good signs, proving that the Outer Cape real estate market is stabilizing and slowly, but surely, turning around.

Most importantly, right now, people need to be confident that the market will remain stable. Buyers who are not taking advantage of home sale deals and the low rates may regret not taking the step to home ownership. With the threat of inflation ahead rates may very well rise and a window of opportunity may have closed to save a large amount of money on interest payments over the length of the loan.