Mortgages
Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said.
The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said. At this time last year, the average rate for 30-year, fixed-rate mortgages was 6.47 percent.
Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28.
Rates on 30-year mortgages fell to a record low of 4.78 percent in April, but then rose to 5.6 percent after yields on long-term government debt, which are closely tied to mortgage rates, climbed.
People
Joining Network Mortgage Services at its new Everett office at 3726 Broadway, Suite 304, are Rich Hallman, assistant manager,; Dan Albee and Paul Bowers. Russ Larson and Gary Ray, who transferred from the main office in Lynnwood.
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.
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