Rates on 30-year mortgages edged up for a third straight week, rising to the highest level since late December, Freddie Mac reported Thursday.
The giant mortgage company said its nationwide survey showed that rates on 30-year mortgages rose to 6.24 percent, up from 6.23 percent last week.
It was the third consecutive increase and left the 30-year mortgage at the highest level since it stood at 6.26 percent on Dec. 22. Rates had dropped as low as 6.10 percent in mid-January before beginning their latest increase.
Frank Nothaft, chief economist for Freddie Mac, said that the small upward movement in mortgage rates over the past three weeks was likely to be repeated over the rest of this year, leaving the 30-year mortgage up moderately from where it is currently.
Freddie Mac reported that rates on other types of mortgages were up as well this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.83 percent this week, up from 5.81 percent last week.
One-year, adjustable-rate mortgages increased to 5.34 percent this week, compared with 5.33 percent last week.
Rates on five-year, hybrid adjustable-rate mortgages rose to 5.89 percent this week, up from 5.87 percent last week.
A year ago, 30-year mortgages averaged 5.57 percent; 15-year mortgages stood at 5.10 percent; one-year, adjustable-rate mortgages were at 4.11 percent; and five-year hybrid adjustable-rate mortgages averaged 4.99 percent.
– Associated Press
People
Ashley Greenough, Greg Love, Steve Love and Julie Pettyjohn have joined Windermere Real Estate’s Camano Island office as sales associates.
Steven Dolley, Stacey Siep and Brandon Wood have joined Preview Properties’ Bothell office as sales associates.
Mary Graham has joined Preview Properties’ Everett office as a sales associate.
Russell Guy has joined Windermere’s Everett commercial office as a sales associate.
Peter Goeman has joined Coldwell Banker Bain’s Lynnwood office as a sales associate.
Janie Haigh has joined Coldwell Banker Bain’s Everett office as a sales associate.
Michael Windus of Razore Land Co. has been elected president of the Bothell Business Park Owners Association. Other new officers are executive vice president Dave Lamont, vice president Frank Paiva, treasurer Sven Goldmanis and secretary Chris Eckmann.
Events
The 2006 North Puget Sound Construction Fair will be March 11 and 12 at the Hawthorn Inn and Suites, 16710 Smokey Point Blvd., Arlington. For details, call 888-812-2416, ext. 0209 or e-mail Donna Evans at donna@pacificonemortgage.com.
Awards
Doug Barnes, the president of the Seattle division of Centex Homes, has been named Builder of the Year by the Master Builders Association of King and Snohomish Counties.
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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