WASHINGTON – Mortgage rates around the country fell this week, with rates on 30-year mortgages sinking to their lowest level in 10 months.
Freddie Mac, the mortgage company, reported Wednesday that 30-year, fixed-rate mortgages averaged 6.18 percent for the week ending Nov. 22. That’s down from 6.24 percent last week and was the lowest rate since the week ending Jan. 26, when 30-year mortgage rates averaged 6.12 percent.
It marked the second week in a row that mortgage rates dropped, a development that economists attributed to easing inflation pressures. Inflation is calming down amid stabilizing energy prices, slower overall economic activity and the housing slump.
“Slower growth usually means less inflation and less inflation means lower interest rates. Hence, the drop in mortgage rates this week,” said Frank Nothaft, Freddie Mac’s chief economist.
People
Lynn Newcomb of Executive Real Estate in Everett has earned certification as an ecobroker following training in energy and environmental issues involved in real estate.
Meetings
Puget Sound real estate trends will be the topic of the Dec. 14 meeting of the Seattle chapter of Commercial Real Estate Women. The meeting will begin at 11:30 a.m. at the Washington Athletic Club’s Crystal Room, 1325 Sixth Ave., Seattle. Jane Blair of CB Richard Ellis will moderate a panel that includes Vanessa Herzog of GVA Kidder Mathews, Brynn Estelle Telkamp at Real Retail and Wende Sauvage of Cushman and Wakefield.
Send real estate news to Mike Benbow, 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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