Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Sunday, August 24, 2008 Real estate notebook Mortgages Rates on 30-year mortgages fell slightly this week to the lowest level since mid-July. Freddie Mac, the mortgage firm, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.47 percent this week, down from 6.52 percent, which had been the rate for the previous three weeks. The new rate was the lowest since the week of July 17 when 30-year mortgages stood at 6.26 percent. The 30-year mortgage has been above 6 percent since late May as financial markets have become convinced that rising inflation pressures will keep the Federal Reserve from cutting interest rates further even though the economy remains mired in a period of weakness. The housing market continues in its worst slump in more than two decades. The government reported this week that construction of new homes fell in July to the slowest pace in more than 17 years, and the National Association of Home Builders said builder confidence remained at an all-time low in August. Rates on 15-year, fixed-rate mortgages fell to 6 percent, down from 6.07 percent last week. Rates on five-year, adjustable-rate mortgages averaged 5.99 percent this week, down slightly from 6.02 percent last week. However, rates on one-year ARMs bucked the downward trend, showing an increase to 5.29 percent, up from 5.18 percent last week. A year ago, rates on 30-year mortgages stood at 6.52 percent, 15-year mortgage rates averaged 6.18 percent, five-year ARMs were at 6.34 percent, and one-year ARMs stood at 5.60 percent. California-based Realty Trac Inc. reported last week that the number of foreclosure filings jumped by more than 50 percent in July, while the National Association of Realtors said median home prices fell in three-fourths of the cities it surveyed in the April-June quarter. Classes A free class on the tax credit for first-time homebuyers will be offered from 11:30 a.m. to 1 p.m. Sept. 17 and again on Sept. 20 at Alderwood Business Center, 3500 188th St. SW, Suite 121, in Lynnwood. The classes also will discuss home buying and lending strategies. Call 425-712-5236 for information or reservations. Name change The Washington Association of Mortgage Brokers has changed its name to the Washington Association of Mortgage Professionals. The change reflects the expanding and diverse membership within all sectors of the mortgage and real estate finance industry, officials said. In addition to brokers, members include loan originators, mortgage bankers, appraisers, wholesale lenders and title company officials. Send news to Mike Benbow, Business editor, The Herald, P.O. Box 930, Everett, WA 98206, by fax at 425-339-3435 or by e-mail at economy@heraldnet.com.

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