Rates on 30-year mortgages rose for a fifth straight week, hitting the highest level in 11 months as prospects dimmed further for possible rate cuts from the Federal Reserve.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.74 percent this week. That was up from 6.53 percent last week and marked the biggest one-week rise in 30-year rates in more than three years.
All mortgage rates tracked by Freddie Mac showed increases this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 6.43 percent, up from 6.22 percent last week.
Five-year, adjustable-rate mortgages averaged 6.37 percent, up from 6.24 percent.
One-year, adjustable mortgages rose to 5.75 percent, up from 5.65 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.4 point. Five-year, adjustable mortgages carried a fee of 0.5 point while one-year ARMs had a fee of 0.7 point.
People
Jasmine Edwards has joined the Everett office of Coldwell Banker Bain as a sales associate. The company’s Lynnwood office recently welcomed the addition of Aida Daniels, Marisa Bryant and Mickele Furseth as associates.
Seminars
A free seminar for first-time homebuyers will take place 10:30 a.m. to 4 p.m. June 30 at the Everett Public Library, 9512 Evergreen Way in Everett. The event is sponsored by the Washington State Housing Finance Commission and John L. Scott. Call Rhoda Kiely at 425-478-4167 for 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.
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