Rates on 30-year mortgages climbed this week for the eighth time in the past nine weeks, hitting the highest level in nearly four years.
Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.62 percent, up from 6.60 percent last week.
This week’s rate was the highest since the week ending June 20, 2002, when 30-year mortgages were at 6.63 percent.
The housing sector, which has enjoyed five boom years, is exhibiting numerous signs of slowing under the impact of rising mortgage rates.
People
Cona Ocampo has joined the Everett office of Preview Properties Inc.
News
More homebuyers in Snohomish County will be eligible for FHA-insured mortgages and home improvement loans under new limits imposed by the U.S. Deaprtment of Housing and Urban Development. The new FHA limit is $367,268 with a required 3 percent downpayment. The increase is 6 percent higher than the previous limit of $367,268.
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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