NBN Online for the week of September 15, 2008

ICC to Decide Heated Debate on Mandatory Fire Sprinklers

With the International Code Council’s (ICC) annual meeting and final action hearings for the 2007-2008 code development cycle opening on Sept. 14 in Minneapolis and continuing through Sept. 23, NAHB leaders are preparing to argue against proposals for mandatory fire sprinklers and other changes that would erode housing affordability in exchange for dubious improvements in the safety of homes.

The ICC, whose mission is to advocate for building safety and fire prevention, regularly develops and continuously updates a comprehensive set of model codes for residential and commercial buildings.

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Lumber Prices Provided by Random Lengths

Home Buyers See Mortgage Rates Plunge Below 6%

On top of the recently enacted $7,500 tax credit, first-time home buyers received a further boost last week in their efforts to buy a home from a sharp drop in mortgage rates resulting from the recent government takeover of Fannie Mae and Freddie Mac.

The interest-rate decline was also good news for those seeking refinancing as well as the housing market overall.

The 30-year fixed-rate mortgage averaged 5.93% for the week ending on Thursday, Sept. 11, according to Freddie Mac’s Primary Mortgage Market Survey. That was down from 6.35% the previous week and 6.31% a year earlier.