Rate on 30-year mortgage drops to record 3.89 pct.

Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the historic rates.
Freddie Mac said Thursday the average rate on the 30-year fixed mortgage fell to 3.89 percent. That's below the previous record of 3.91 percent reached three weeks ago.
Records for mortgage rates date back to the 1950s.
The average on the 15-year fixed mortgage ticked down to 3.16 percent. That's down from a record 3.21 percent three weeks ago.
Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect.
Average fixed mortgage rates hovered around 4 percent at the end of 2011. Yet many Americans either can't take advantage of the rates or have already done so.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don't want to sink money into a home that they fear could lose value over the next few years.
Mortgage applications have fallen slightly on a seasonally adjusted basis over the past four weeks, according to the Mortgage Bankers Association.
Frank Nothaft, Freddie Mac's chief economist, said that until hiring picks up and unemployment drops significantly, the impact of lower mortgage rates will remain muted.
Previously occupied homes are selling just slightly ahead of 2010's dismal pace. New-home sales in 2011 will likely be the worst year on records going back half a century.
Builders hope that the low rates could boost sales next year. Low mortgage rates were cited as a key reason the National Association of Home Builders survey of builder sentiment rose in December to its highest level in more than a year.
But so far, they have had little impact on the depressed housing market.
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for the 30-year loan fell to 0.7 from 0.8; the average on the 15-year fixed mortgage was unchanged at 0.8.
For the five-year adjustable loan, the average rate declined to 2.82 percent from 2.86 percent. The average on the one-year adjustable loan fell to 2.76 percent from 2.80 percent.
The average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6.

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First Person: What My College Degree Means to Me

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My college degree helped me pursue a successful 30-year career in advertising and public relations. However, it only happened after I realized I had not made the right decision in choosing my college major.
Pursuing The Major Course I Wanted
It all began when I had earned four years of tuition under the GI Bill of Rights by serving in the U.S. Navy. Ever since childhood, I had wanted to be an artist, and that was my chance to enroll as a fine arts freshman at the Philadelphia Museum College of Art (now the University of the Arts).
An Enjoyable Fine Arts Education
Throughout my undergraduate years, I appreciated the challenges and encouragement of the school's excellent teaching staff. My courses consisted of drawing, painting, sculpture and other fine arts classes. Some of my paintings were accepted for exhibition at local galleries. I was graduated with top honors and the degree of bachelor of fine arts.
Then it was time for me to earn a living from what I had learned in four years of college. I made the rounds of the many galleries in Philadelphia and New York selling my art, and had some moderate success. However, the sales were few and far between, and my income wasn't nearly enough to support myself.
Had I Made an Error in Judgment?
After a year, I came to the conclusion that I had chosen a field that, while traditionally attractive, wasn't practical in the reality of today's business world. While I hadn't wasted my four years of fine arts studies, they had not prepared me for the necessity of making a living.
I had several choices. I could go on painting, get some kind of part-time job to pay my bills, and hope I'd eventually become a successful exhibiting artist. The other choice was to go back to college and major in practical business subjects.
Fortunately, an application I'd sent to the University of Pennsylvania earned me a lab assisantship and free tuition at the Annenberg Graduate School of Communications there. I majored in mass communications and public relations, with a minor in graphic arts. After two years, and armed with a much more practical resume, I began another job search.
A Favorable Career Turn
Another fortunate opportunity coincided with earning my Master of Arts in Communications degree. Prudential Financial, Inc. was just establishing an Eastern regional office in a Philadelphia suburban area, and hiring a staff of more than 3,000 employees. I applied for the newly-created position of Public Relations and Advertising Manager, and was hired to direct the 30-person creative staff.
I recently retired after 30 years with Prudential. Today I consider my education choices and experiences may be of value to college students in the same situation I was after earning my bachelor's degree. Looking back, I had not realized then the impracticality of attempting a fine arts path in the real world where income opportunities are very limited.
Business-related degrees are essential in finding practical career promises. I believe my decision to enhance my education goals beyond fine arts to communications offered me those opportunities. For today's students, armed with the right credentials and personal determination, there's no limit to the heights that talent, hard work and ambition can earn for them.

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Phablet wars heat up with ZTE’s quad-core Nubia Z5

2013 is shaping up to be the year of the “phablet” with virtually ever major handset maker preparing to challenge Samsung’s (005930) impressive Galaxy Note lineup. While there’s no clear definition on how large a phablet is, most tend to have screens that hover in the 5-inch range, though Huawei’s upcoming 6.1-inch smartphone will only push that boundary. ZTE’s newly announced Nubia Z5 packs a 5-inch display with full-HD 1,920 x 1,080 resolution, an aluminum case, a 1.5GHz Qualcomm Snapdragon S4 Pro quad-core processor, 2GB of RAM, 32GB of internal storage, a 13-megapixel rear, a 2-megapixel front camera, Dolby sound and Android 4.1 Jelly Bean. It even edges out HTC’s (2498) slim DROID DNA in terms of size with slightly thinner dimensions and a larger battery: 2,300 mAh versus the DNA’s 2,020 mAh. The only deal-breaker is the Nubia Z5 likely won’t be available in the U.S., but importers drooling over its specs can pick one up in China for about $554.

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Temple Run was downloaded more than 2.5 million times on Christmas Day

Millions of men, woman and children awoke on December 25th to find a smartphone or tablet under their Christmas tree. After opening these gifts, users are typically quick to fire up their new devices and download the most popular apps. Keith Shepherd, founder of Imangi Studios, announced on Wednesday that the company’s Temple Run game saw unprecedented attention on Christmas Day. The executive revealed on his Twitter page that the Indiana Jones-esque ”runner” game was downloaded more than 1 million times on iOS, more than 1 million times on Android and over 500,000 times on Amazon’s Appstore during the 24-hour period. Earlier this year, Temple Run was the top free and top grossing app on Apple’s (AAPL) App Store with over 40 million downloads and 7 million daily active users.

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Original Samsung Galaxy Note Getting Jelly Bean Update

If you bought one of the original Samsung Galaxy Note smartphones and have been kicking yourself for not waiting for the Galaxy Note II and all its Jelly Bean-powered features, you can stop feeling bad. The first Note will be getting Jelly Bean very soon.
Samsung posted details about the Note's Premium Suite update on the product website. Enabled by an upgrade to Android 4.1 "Jelly Bean," the feature suite includes many of the abilities the Note II boasts, such as dual-window multitasking, pop-up Notes, the ability to cut and paste just part of an image and the improved S Note app.
[More from Mashable: Jelly Bean Arrives on Some Global HTC One S Devices]
SEE ALSO: Sh*t People Say About the Samsung Galaxy Note [VIDEO]
The upgrade also includes the regular Jelly Bean sweetness of Google Now, Android's personalized search-and-information service, and the improved animation that makes onscreen movements smoother.
[More from Mashable: Flipboard: Now Available on Your Android Tablet]
The site doesn't say when the Note will be getting the Premium Suite, and the Note we have here doesn't indicate a software update is ready. We contacted Samsung, but company reps said there is so far no date set for the update in the U.S.
Did you buy a Samsung Galaxy Note earlier this year? How much does this update mean to you? Let us know in the comments.
Photo by Mashable
BONUS: Samsung Galaxy Note Review
Samsung Galaxy Note, Default Lock Screen
The Samsung Galaxy Note has a 5-inch screen, positively massive for a smartphone. Note the choice of imagery.

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Lack of low-end BlackBerry 10 phone could be a serious stumbling block in RIM comeback bid

South Africa is one of Research In Motion’s (RIMM) top five markets in the world, and it is a decent proxy for the entire African market. Leading regional carrier Vodacom’s November smartphone statistics illustrate exactly why BlackBerry 10 cannot arrive soon enough… and why RIM badly needs a cheap new BlackBerry 10 model by spring.
[More from BGR: Apple CEO Tim Cook sees pay drop 99% in 2012]
Vodacom holds more than 50% of the South African handset market and South Africa is the largest mobile phone market in the continent.
[More from BGR: Microsoft Surface trampled at the bottom of the tablet pile this Christmas]
On November 12th, Vodacom announced that it had 2.7 million BlackBerry users on its South African network, a number that increased by 300,000 in three months. The number of Android users grew by 200,000 to 700,000 subscribers. The number of iPhone users grew by 250,000 to 500,000.
Of course, there are many ways at looking at these trends but it’s striking that the growth of the BlackBerry user base has slowed down to 12% in a quarter while Android growth is now at 40% and iPhone growth is 100%. Even though the pool of BlackBerry users is still expanding in the most important African market, we are now close to the tip-off point where the absolute number of both Android and iPhone users added each quarter is going to be larger than the number of new BlackBerry subs.
RIM announced last week that its global customer base has finally started shrinking — the BlackBerry subscriber pool dropped from 80 million to 79 million between the August and November quarters.
During the August quarter, RIM still managed to add 2 million BlackBerry subscribers. The non-U.S. BlackBerry subscriber base is still growing, but too slowly to offset the U.S. erosion. This is the trend that the Vodacom November numbers also reflect. In Africa and Asia, that BlackBerry growth slowdown is unlikely to reverse until RIM launches a cheap, sub-$250 model with the new BlackBerry 10 OS.
In South Africa, affluent buyers are now flocking under the iPhone banner, while Samsung (005930) and Chinese vendors are mopping up middle class consumers with cheap Android models. New high-end phones in the $600 range are not going to change this equation.
RIM must strike hard in the low-end market to regain its African momentum. By Easter, Android and iPhone camps will have pulled ahead of RIM in new subscriber additions at Vodacom. Next spring, South Africa could well be the most important global bellwether of RIM’s struggle to recapture subscriber growth.

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Samsung expects to ship more than half a billion phones in 2013

Samsung (005930) had a big year and despite some legal setbacks, the company saw record profits led by its mobile division. In 2012, Samsung became the world’s largest cell phone vendor with shipments estimated to have reached about 420 million units. According to the Korea Times, the company expects to ship 510 million phones in 2013, an increase of 20% over this year. More than half, or 390 million, of the devices are expected to be smartphones and the other 120 million units will be budget feature phones. Along with its popular line of Android-powered Galaxy smartphones, the company will ship devices powered by Microsoft’s (MSFT) Windows Phone 8 operating system and handsets running the new Tizen platform.

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AP sources: Reid won't be back as Eagles' coach

EAST RUTHERFORD, N.J. (AP) — Andy Reid's time is up as coach of the Philadelphia Eagles.
Reid is out after 14 years in charge, three people familiar with the decision told The Associated Press following Sunday's 42-7 season-ending loss to the New York Giants.
Reid is scheduled to meet with owner Jeffrey Lurie on Monday to discuss his future and an official announcement will come afterward, according to one person, who spoke on condition of anonymity because a final agreement hasn't been reached. That person says there's a chance Reid might remain with the team in some capacity.
Reid is due to make $6 million in 2013 in the final year of his contract. He said he wants to coach next year, but it's possible Lurie could persuade him to take a season off and perhaps help out in the front office in an "advisory" role.
Eagles spokesman Derek Boyko denied several reports that Lurie has already fired Reid, saying it's "absolutely, 100 percent" untrue.
The Eagles (4-12) finished their worst season under Reid by losing 11 of their last 12 games. They missed the playoffs two straight years for the first time in Reid's tenure.
After the ugly loss to the Giants (9-7), Reid sounded like a man who knew he was going to lose his job.
As usual, he began his opening statement by listing injuries and finished with the same line: "Time is yours."
His time has run out in Philadelphia.
"We weren't very good," Reid said. "That's my responsibility and I take complete blame for it."
Asked if he wants to return in 2013, Reid said: "I'm all in."
Lurie said after the Eagles went 8-8 in 2011 that he considered firing Reid. He gave him another chance, but said before this season that 8-8 would be "unacceptable."
"I go in eyes wide open," Reid said of his meeting with Lurie. "Either way, I understand. Whatever he chooses will be the right thing. He always does things for the best interests of the Eagles."
Reid won more games (140) than any coach in franchise history. He led the Eagles to nine playoff appearances, six division titles, five NFC championship games and one Super Bowl loss.
But he couldn't win the big one and that's how he's measured in a city that hasn't celebrated an NFL title since 1960.
The Eagles haven't won a playoff game since 2008 and took significant steps backward the last two years. They entered both seasons with high expectations only to fail miserably.
"We had quite a run," offensive coordinator Marty Mornhinweg said.
Players said they expect changes, but continued to support Reid.
"He's a great man and I love him to death," said quarterback Michael Vick, who could've played his last game with the Eagles. "I wish I could've done more. A lot of players wish they could've done more. Coaches can't play the games."
The Eagles talked all week about wanting to win one for Reid. Instead, they suffered another embarrassing loss to cap a dismal season.
"We came, we stunk it up and we lost. It was terrible. No heart," defensive tackle Cullen Jenkins said.
Like Jenkins, Vick also questioned his teammates' desire before trying to clarify his comment.
"It's frustrating," Vick said. "It's difficult because, me, I leave it all out on the field and I give everything I got. Sometimes, I wish I could play other positions, but I can't."
Vick missed the previous six games, sitting out the first five with a concussion and then being inactive last week. Vick only got the start because rookie Nick Foles broke his hand.
Vick is due to earn about $16 million next year, but the Eagles can release him without taking a financial hit. He wants to be a starter and is unsure whether he even wants to come back.
"I don't know. I have to take time to think about everything that's happened," Vick said.
This already was a difficult year for Reid. He endured a devastating loss weeks before the season opener when his oldest son, Garrett Reid, died at training camp after a long battle with drug addiction.
In October, Reid fired close friend and longtime assistant Juan Castillo, who was in his second season as defensive coordinator after coaching the offensive line for 13 years. He later fired defensive-line coach Jim Washburn.
After beating the defending Super Bowl champion Giants on Sept. 30, the Eagles lost eight straight games — their worst losing streak in 42 years.

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Jets fire GM Tannenbaum, Ryan stays

The New York Jets have fired general manager Mike Tannenbaum and say coach Rex Ryan will be back next season.
The Jets finished 6-10 and were in constant turmoil from the moment they acquired Tim Tebow in a trade before the season.
Jets owner Woody Johnson said in a statement Monday that "like all Jets fans, I am disappointed with this year's results."
Tannenbaum, who signed off on Tebow trade, has two years left on his contract. Tebow was brought in as a backup for Mark Sanchez but was expected to play a key role in certain offensive schemes. It never worked out.

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AP Source: Browns fire coach, GM

 The Browns are changing again.
A person familiar with the decision says the Cleveland Browns have fired coach Pat Shurmur and general manager Tom Heckert.
Shurmur and Heckert were informed Monday at the team's facility, said the person who spoke on condition of anonymity because the team has not yet announced the moves. The expected dismissals come one day after the Browns lost their finale 24-10 in Pittsburgh, completing a 5-11 season.
Shurmur went 9-23 in his two seasons with the Browns, who will embark on yet another offseason of change — the only constant in more than a decade of futility. Cleveland has lost at least 11 games in each of the past five seasons and made the playoffs just once since returning to the NFL as an expansion team in 1999.
The Browns just can't seem to get it right.
The firings of Shurmur and Heckert signal the start of an expected overhaul by new owner Jimmy Haslam and CEO Joe Banner, who have spent the past two months identifying possible replacements for their top two football positions.
Already, the list of possible coaches to take over for Shurmur includes some of college football's top names. Haslam may want to make a big splash and land either Alabama's Nick Saban or Oregon's Chip Kelly, who both still have bowl games ahead. Penn State's Bill O'Brien is also believed to be on the Browns' short list.
There is also reported interest in several NFL assistants including Indianapolis' Bruce Arians, New England's Josh McDaniels, Denver's Mike McCoy, Washington's Kyle Shanahan and Cincinnati's Jay Gruden.
Among the general manager candidates are: Atlanta player personnel director David Caldwell, San Francisco director of player personnel Tom Gamble, Baltimore assistant GM Eric DeCosta and NFL Network analyst and Mike Lombardi, who worked with Banner in Philadelphia and for the Browns when Bill Belichick was Cleveland's coach.
Banner promised in a recent interview with The Associated Press not to put any limits on his search for a new coach.
"It doesn't have to be a college coach," said Banner, who hired Andy Reid during his 19 seasons with the Eagles. "It doesn't have to be a pro coach. It doesn't have to be an offensive guy. It doesn't have to be a defensive guy. I'm more looking for qualities of a person consistent with the most successful coaches."
Shurmur's replacement will be the Browns' sixth coach since 1999.
The Browns were competitive this season under Shurmur. They just didn't win enough.
Cleveland was still in the playoff mix earlier this month, but a three-game losing streak to close the season — they were blown out by Washington and Denver in consecutive weeks — ended any chance of Shurmur saving his job.
Shurmur was emotional when he addressed the Browns following Sunday's loss.
"He was trying to hold back the tears," said linebacker D'Qwell Jackson. "He put everything into it. He was just emotional about it. He was passionate about it. The players, we appreciate him, we'd run through a brick wall for him."
Shurmur's fate may have been sealed on the first day of training camp in July when Haslam's intent to buy the Browns from Randy Lerner for $1 billion was announced. It may not have mattered how Shurmur did this season because Haslam, a former minority owner with the Pittsburgh Steelers who built his fortune with Flying Pilot J travel centers, was intent on bringing in his own people.
Banner's arrival forced out president Mike Holmgren, who hired both Shurmur and Heckert but left before the end of his third year with Cleveland.
Shumrur, who has two years remaining on his contract, was dealt a difficult hand from the start.
His first season with the Browns was complicated by the labor lockout, depriving him a chance to work with his players in the offseason or installing his offensive and defensive systems. He chose not to hire an offensive coordinator, holding down both positions in his first year, a decision he later said was a mistake.
Shurmur made his share of mistakes. He had some game-management issues and his play calling was often questioned. However, the 47-year-old seemed to be getting better in his second season, and he deserves credit for developing one of the league's youngest teams. The Browns had 17 rookies and 26 players with two years or less of experience on their roster.
Heckert, who came to Cleveland from Philadelphia, succeeded in upgrading the Browns' talent. He overhauled an aging team, infusing the Browns with solid young players through the draft. In April, he selected running back Trent Richardson, quarterback Brandon Weeden and offensive tackle Mitchell Schwartz, all of whom had solid first pro seasons.
Heckert also gambled and nabbed wide receiver Josh Gordon in the supplemental draft, a choice that seemed risky but paid off as the 21-year-old blossomed.
But it may have been a move Heckert couldn't pull off that doomed him.
The Browns were beaten out by Washington in the sweepstakes to get prized rookie quarterback Robert Griffin III. Cleveland tried to package picks to swap with the Rams, who eventually made a blockbuster deal with the Redskins who then drafted RGIII with the second overall choice.
Heckert, who was Holmgren's first hire with Cleveland, thought he would have five years to build the Browns but wound up getting just three. It's expected Heckert will quickly be scooped up as more than one dozen teams are expected to have front-office openings.

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