Mortgages
Rates for 30-year fixed-rate mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday.
The average rate for 30-year fixed-rate mortgages was 5 percent this week, down from last week when it averaged 5.06 percent. A year ago, 30-year fixed rate mortgages averaged 4.84 percent, Freddie Mac said.
Rates dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.
The last time rates for 30-year, fixed-rate mortgages averaged less than 5 percent was the week of March 25, when they were 4.99 percent.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.
This week, the average rate on a 15-year fixed-rate mortgage was 4.36 percent, down from last week when it averaged 4.39 percent.
Rates on five-year, adjustable-rate mortgages averaged 3.97 percent, down from 4 percent a week earlier. Rates on one-year ARMs dipped to 4.07 percent from 4.25 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 30-year, 15-year, and 5-year loans, and 0.6 of a point for 1-year loans.
Seminars
A free homebuyers class will be offered from 6:30 to 8 p.m. Thursday at the Alderwood Business Center, 3500 188th St. SW, Unit 121. The class is offered by Home Realty Canyon Park.
Meetings
Commercial Real Estate Women will meet at noon Thursday at the Washington Athletic Club, 1325 Sixth Ave., Seattle, for a panel discussion on making sense of American Reinvestment and Recovery Act money. To register, go to www.crewseattle.org.
Send your real estate news to Mike Benbow, Business editor, The Herald, P.O. Box 930, Everett, WA 98206, by fax to 425-339-3435 or by e-mail to economy@heraldnet.com.
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