Mortgages
Rates on 30-year fixed mortgages fell this week to the lowest level of the year and were barely shy of the all-time low.
Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week.
The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.
Though mortgage rates are at attractive levels, the housing market hasn’t benefited. The number of customers applying for a mortgage to purchase a property was down 35 percent from a month ago, according to the Mortgage Bankers Association.
That’s a sign the market is struggling without a tax credit of up to $8,000 for first-time buyers.
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.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
