Real estate notebook
Published 6:15 pm Friday, June 4, 2010
Mortgages
Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.
Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.
Rates dropped to a record low of 4.71 percent in December, pushed down by a Federal Reserve program that reduced borrowing costs for consumers. That campaign ended in March.
Rates have fallen further as investors, wary of European turmoil, shifted money into the safety of U.S. Treasury bonds. Mortgage rates tend to track the interest rates paid on long-term Treasury bonds.
The average rate on a 15-year fixed-rate mortgage hit a record low of 4.20 percent, down from 4.21 percent last week. The 15-year fixed-rate mortgage is a popular choice for refinancing.
Rates on five-year, adjustable-rate mortgages averaged 3.94 percent, down from 3.97 percent a week earlier. Rates on one-year ARMs were unchanged at 3.95 percent.
The nationwide fee for loans in Freddie Mac’s survey averaged 0.8 of a point for 30-year fixed-rate loans and 0.7 of a point for 5-year, 5-year loans and 1-year loans.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
Seminars
A free seminar for first-time home buyers will be offered from 6:30 to 8 p.m. June 11 by Home Realty Everett South at the Alderwood Business Center, 3500 188th St. SW, Lynnwood. Speakers will review the real estate market and tax credits for first-time buyers. Call 425-412-5236 for information or reservations.
A free buyers seminar sponsored by the state Housing Finance Commission will be held from 10 a.m. until 3 p.m. June 18 at Legacy Escrow, 1910 120th Place SE, Suite 101, Everett. Sue Hall of Guild Mortgage and Laurie McKenzie of Windermere Real Estate in Marysville will present the seminar. Attendees will receive a completion certificate from the commission. Call 206-948-1686 for information or reservations.
Send your real estate 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.
