From News Services and Staff Reports
Saturday, April 7, 2007

Mortgage rates around the country crept up this week, although rates on 30-year mortgages still hovered close to their low for the year.

In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.17 percent for the week. That was up slightly from 6.16 percent last week. Even with the uptick, it was near the low for this year of 6.14 percent, set during the first two weeks of March.

Analysts said mortgage rates have been fairly stable in recent weeks as financial markets -- which directly influence these rates -- try to figure out the direction of the country's economic growth, as well as inflation.

"Mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March," said Frank Nothaft, Freddie Mac's chief economist. "This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede," he explained.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 5.87 percent this week, up a notch from last week's 5.86 percent.

Five-year, adjustable-rate mortgages averaged 5.92 percent, compared with 5.88 percent last week. One-year adjustable mortgages edged up to 5.44 percent this week from 5.43 percent last week.

The mortgage rates do not include add-on fees known as points. Thirty-year mortgages carried a nationwide average fee of 0.4 point. Fifteen-year mortgages had an average fee of 0.5 point. Five-year and one-year adjustable mortgages each carried an average fee of 0.6 point.

A year ago, rates on 30-year mortgages stood at 6.43 percent, while 15-year mortgages were at 6.10 percent. Five-year, adjustable-rate mortgages averaged 6.11 percent. One-year, adjustable-rate mortgages were at 5.57 percent.

RECOGNITION . . . The Northern Virginia Association of Realtors has named Margaret Ireland of Weichert Realtors in Manassas its Realtor of the Year. Laura Maschler of Weichert in McLean has been named Rookie of the Year.

The association also recognized top-producing members in several areas. The top-selling principal broker by dollar volume in 2006 was Ashley C. Leigh of Linton Hall Realtors in Gainesville. The top-selling principal broker by units sold was Gil Clark of Clark Select Properties in Fairfax. The top new-homes principal broker was Miriam R. Fernandez of McWilliams Ballard in Alexandria. The top new-homes sales agent was Tina DuBrule of RLS Associates in Vienna. The top residential sales agent by units sold was Greg Holmes of Long & Foster in Vienna. The top residential sales agent by dollar volume was Ron Rush of Long & Foster in Fairfax.

The top residential sales team of two to five agents was Margenau & Associates of Re/Max Distinctive Real Estate in McLean. The top residential sales team of six or more agents was Debbie Dogrul Associates of Long & Foster in Fairfax.

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