Rates on 30-year mortgages declined for a second straight week as low mortgages continued to fuel the housing boom.
Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages fell to a nationwide average of 5.77 percent this week, down from last week’s 5.80 percent. Rates have fallen for two weeks after hitting a four-month high of 5.89 percent the week of Aug. 11.
Analysts said the continued low mortgage rates were helping to keep housing markets red hot. Sales of new homes hit a record level in July while sales of existing homes came in at the third highest level in history.
Even with the two consecutive declines, analysts said that rates should resume rising in coming weeks as the Federal Reserve continues its campaign to nudge rates higher as a way of making sure that inflation does not get out of control.
Rates on 15-year, fixed-rate mortgages averaged 5.35 percent this week, down from 5.40 percent last week.
One-year adjustable rate mortgages edged down slightly to 4.56 percent from 4.58 percent. Last week’s level had been the highest in more than three years.
Rates on five-year hybrid adjustable rate mortgages averaged 5.30 percent this week, down from 5.34 percent last week.
People
Mike Miller has joined the Mukilteo office of Windermere Real Estate.
Meetings
Developing ongoing client feedback is the topic of the August meeting for Commercial Real Estate Women of Seattle. The meeting is Wednesday at Sellen Construction and reservations are due by Monday. Call 206-417-5580 for more information.
Dave Lindahl will discuss apartment investing at the Thursday meeting of the Real Estate Association of Puget Sound. It runs from 7 to 10 p.m. at the University of Washington’s Kane Hall. Cost is $15 for nonmembers. Register at www.reapsweb.com.
Workshops
Investing in apartments is the topic of a workshop from 9 a.m. until 5 p.m. Saturday sponsored by the Real Estate Association of Puget Sound. It will be at the Lake Washington Technical College’s West Building in Room 101. Cost is $69 for nonmembers. See www.reapsweb.com for more information.
Home Depot workshops in September include: Installing vinyl windows on Tuesdays at 7 p.m.; laying ceramic tile on Thursday at 7 p.m.; installing low-voltage outdoor lighting on Fridays at 7 p.m.; faux painting on Saturdays at 10 a.m.; updating kitchen cabinets and fixtures at 2 p.m. on Saturdays and saving on energy bills on Sundays at 2 p.m.
Send your real estate news items 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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