Real estate notebook
Published 8:45 pm Friday, July 9, 2010
NEW YORK — Mortgage rates fell for the second straight week to the lowest point in five decades. But many people either don’t qualify for new mortgages or have already taken advantage of the low rates this year.
As a result, the housing market and the broader economy may not benefit much from the lower rates.
The average rate on a 30-year fixed mortgage dropped to 4.57 percent this week, mortgage company Freddie Mac reported Thursday. That’s down from the previous record low of 4.58 percent set last week.
Honors
Builders in Mill Creek and in Edmonds were honored recently for remodeling excellence for the Master Builders Association of King and Snohomish Counties.
They include: Chermax Construction of Edmonds, which won an award for kitchen excellence for less than $75,000 and another for landscaping at a newly remodeled home in Madrona; Singleton Construction of Mill Creek for a kitchen remodeling more than $175,000; and Estate Homes Inc., also of Mill Creek, for a house addition and remodel of more than $600,000.
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.
