Mortgages
Rates on 30-year mortgages rose for a second straight week, a sharp rebound after hitting a four-month low.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.42 percent this week, up from 6.34 percent last week.
Two weeks ago, the nationwide average for 30-year mortgages had dipped to 6.31 percent, the lowest level since May 17. That decline reflected a flight to safety after the turbulence in credit markets, which had increased demand for Treasury securities. Those securities heavily influence mortgage rates.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.09 percent this week, up from 5.98 percent last week.
While rates on 30-year and 15-year mortgages rose this week, rates on five-year adjustable-rate mortgages and one-year ARMs declined for a fourth straight week.
The share of the market for adjustable-rate loans continues to decline, hitting its lowest level since March 2003, according to the Mortgage Bankers Association.
Rates on five-year adjustable rate mortgages averaged 6.15 percent, down from 6.21 percent last week.
Food drive
Members of the Snohomish County Camano Association of Realtors collected more than 200,000 pounds of food last year and hope to improve on that performance in this year’s drive, which involves all Realtor offices in the county and on Camano Island. The drive has already begun and will continue until Oct. 14. All proceeds will go to the Snohomish County Food Bank Coalition to disperse as needed, according to the associations Cameron Fay. For more information, call 425-339-1388.
Seminars
The Financial Toolbox will offer several real estate-related classes in October, Including: credit scoring starting at 6:30 p.m. Tuesday at the Windermere Conference Room, 721 State Ave. Marysville; 10 a.m. Oct. 13 on real estate investing, Windermere, 120 SW Everett Mall Way, Everett; 6:30 p.m. Oct. 16 on wealth building with home equity at the Marysville Windermere and 6:30 p.m. Oct. 23 on home buying at Windermere in Marysville. Call 425-772-3069.
How to create tax free income using IRA money is the topic of class offered by Rhoda Kiely, a John L. Scott real estate specialist. The course will run from 6 to 8 p.m. Oct. 23 at the 2707 Colby Ave. Suite 1002. For information, call 425-478-4167.
Home show
Seattle Home Show 2 featuring 500 exhibitors with indoor and outdoor products and services will be Oct. 11 to Oct. 14 in the Qwest Field Event Center at 1000 Occidental Ave. S. in Seattle. Hours are 10 a.m. until 8:30 p.m. Thursday through Saturday and 10 a.m. to 6 p.m. on Sunday. Check www.SeattleHomeShow.com for more information.
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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