Rates on 30-year and 15-year mortgages fell this week to the lowest levels seen in six months, good news for people wanting to buy a home or refinance.
Freddie Mac, in its weekly, nationwide survey, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 5.69 percent for the week ending Oct. 21. That was down from 5.74 percent last week.
For 15-year, fixed-rate mortgages, a popular option for refinancing, rates dropped this week to 5.07 percent, compared with 5.14 percent last week.
Rates this week for 30-year and 15-year mortgages were the lowest since the beginning of April, when they averaged 5.52 percent and 4.84 percent respectively.
For one-year adjustable rate mortgages, however, rates edged up this week to 4.02 percent, from 4.01 percent last week.
People
Loria Morris has joined Mortgage Advisory Group of Everett, which provides home loans and mortgage services.
Expansions
Network Mortgage Services, 19101 36th Ave. W. Suite 103, Lynnwood, has leased an additional 3,300 square feet of space to expand its retail home loan center. The new space will housed the staff and loan production team.
Classes
Buying and selling lease options is the topic of Wednesday’s monthly meeting of the Real Estate Association of Puget Sound. Wendy Patton, founder of Limitless Options Inc. in Michigan, is the keynote speaker for the meeting, from 7 to 10 p.m. at the Lake Washington Technical College in the auditorium of Building W404. Cost is $15 for nonmembers. Call 425-458-4797 for more information.
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.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
