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Mortgage rates drop to lowest level this year

Submitted on Thu, 05/27/2010 - 4:57pm

Rates have fallen to an average of 4.78% this week for a fixed-rate 30-year mortgage, compared to 4.84% last week, according to mortgage company Freddie Mac. That's the lowest level since early December, when rates fell to 4.71%.

Homeowners are taking advantage of the low rates. Applications to refinance climbed this week to the highest level since October 2009, according to the Mortgage Bankers Association.

Read more in the Lynchburg News & Advance....

I-495 HOT lanes to open in December 2012

Submitted on Thu, 05/27/2010 - 3:39pm

Ground has been broken on a HOT lanes operations center near Edsall Road, kicking off the construction project that will eventually result in High Occupancy Toll lanes on I-495. Drivers with two or more passengers will be able to use the High Occupancy Toll lanes for free. Vehicles carrying just one or two people can also use the lanes, for a fee.

"With this more reliable travel time, the Beltway will soon become a viable option for buses and HOV travelers searching for a better commute," said Thelma Drake, director, Virginia Department of Rail and Public Transportation.

Road projects that lower commute times are a boon to homeowners, and can ultimately increase the value and desirability of properties when it's time to sell them.

Virginia metropolitan areas among the healthiest in the country

Submitted on Thu, 05/27/2010 - 1:15pm

This year's American Fitness Index report, published by the American College of Sports Medicine, identifies the Washington, D.C. Metropolitan Area as the healthiest in the nation. The area includes Alexandria and Arlington, Va.

Other Virginia regions listed include the Richmond area, ranked 11th in the country, and Virginia Beach, ranked 17th.

The index considers 30 factors, such as disease rates, mortality, physical attributes, and lifestyle (such as diet). Other factors include the number of dog parks, golf courses, swimming pools, and other recreational facilities.

Homes situated in areas with facilites that promote fitness are attractive to buyers, who are taking such factors into account when making purchase decisions.

Plan for Tysons Corner development could be scaled back

Submitted on Thu, 05/27/2010 - 11:23am

Officials may scale back plans for the transformation of Tysons Corner into a walkable urban center, focusing on the next 20 years rather than creating a blueprint for 40 years' development.

If approved, the plan would encourage construction of residential projects while capping the development of new office space at 45 million square feet through 2030.

Homeowners in the Tysons Corner area stand to benefit greatly from the planned improvements, which will increase the area's tax base while also making it more attractive to prospective home buyers.

Virginia to improve public/private partnerships in road construction

Submitted on Thu, 05/27/2010 - 10:45am

In an effort to improve Virginia's roads, Governor Bob McDonnell is looking to encourage greater cooperation between the state government and private construction companies. One possibility: establishing an office that would identify and consider privately initiated transportation projects.