Mortgages
Rates on 30-year mortgages, which shot up last week to the highest level in nearly a year, dropped slightly this week following passage of a housing rescue bill.
Freddie Mac reported Thursday that the nationwide average for 30-year mortgages dipped to 6.52 percent this week, down from 6.63 percent last week.
While the new level was still the second highest this year, it was down slightly from last week when investors were concerned about financial troubles at Freddie and Fannie Mae, which together hold or guarantee nearly half of the nation’s mortgages.
Rates on 15-year fixed-rate mortgages, a popular option for refinancing, fell to 6.07 percent, down from 6.18 percent last week.
Rates on five-year adjustable-rate mortgages also dropped to 6.07 percent, down from 6.16 percent last week. Rates on one-year ARMs declined to 5.27 percent, compared to 5.49 percent last week.
People
Ken Cox, Marilee Schneider and Tracy Joy have joined Network Mortgage Services as senior loan consultants, Megan Reeb has been hired as an underwriter and Maryanne Cox is a new loan processor. Cox has 25 years in the business, Schneider has more than 20 and Joy has worked in the mortgage business for eight years.
Seminars
A program on reverse mortgages and on retirement planning will be offered from 11:30 a.m. to 1 p.m. Aug. 20 at the Alderwood Business Center conference room, 3500 188th St. SW Suite 121, Lynnwood. Steve Bighaus and Tom Lasswell will discuss financial issues of aging and some possible solutions. Reservations: 425-412-5236.
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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