An overnight rise in commodities lifted miners but the Australian share market swung in and out of the red as housing market related risks hit domestic-focused stocks. Wall street closed marginally firmer last night, but the S&P-ASX 200 index opened 0.4 per cent up before sliding 0.2 per cent into the red following another official warning about mortgage lending risks and the need for higher capital levels. But bargain hunters stepped into buy the banks and the index rallied to close up 19.7 points, or 0.34 per cent, at 5876.2. The Australian dollar is trading at 76 US cents.

What this means for you:
With the current wet weather, people who have their house in order won't have anything to worry about in terms of leaks and property damage. But when was the last time you really got your "financial house" in order? Is everything working as well for you as it possibly can be? This includes your investments, your savings accounts, your loan structures, estate planning, and of course insurances. Your "financial house" is what pays for the physical house, so make sure you review it regularly.

Are interest rates on the way up? We don't know for sure, but if they are, it may mean property prices will also cool off a little. So, all is not lost if you miss out on the lower interest rates, as you may be able to pick up a new property at a reduced price. Sometimes there is a silver lining.