The average interest rate on 30-year fixed-rate mortgages, which has been rising for two months, climbed to 7.65 percent this week, the highest level in two years.
The average was up from 7.51 percent last week and represented the highest level for 30-year-mortgages since June 1997, Freddie Mac said Thursday.
Mortgage rates have been on an upward climb for the past two months and have fluctuated from their low for this year of 6.74 percent set at the end of January and their current rate of 7.65 percent.
Fifteen-year mortgages, a popular option for homeowners who refinance their loans, averaged 7.26 percent this week, up from the average of 7.13 percent last week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.94 percent, up from 5.92 percent the previous week.
PERSONNEL . . . The Washington-based National Multi Housing Council elected John T. Gray, senior vice president of Charles E. Smith Residential Realty in Arlington, and Michael J. Best, vice president of SunAmerica Affordable Housing Partners Inc. of Bethesda, to its board of directors . . . Don Fitzgerald was named chairman of the professional standards committee for the Howard County Association of Realtors.
AWARDS . . . Mitchell, Best & Goldsborough Inc. of Rockville was given the Southern Building Conference and Chrysalis Award as "Maryland Remodeler of the Year" at the 1999 Southern Building Conference June 4 in Atlanta.
UPCOMING EVENTS . . . The Housing Association of Nonprofit Developers will present its 1998 Achievement Awards from 11:30 a.m. to 2 p.m. Thursday, at the Sheraton National Hotel in Arlington. For more information, contact John Spencer at 301-493-5507 . . . Coldwell Banker Stevens, Realtors, Preferred Service Mortgage and RGS Title will host a free job fair for careers in residential real estate sales from 7 p.m. to 8 p.m. Tuesday at the RGS Title auditorium at 12015 Lee Jackson Memorial Hwy., Suite 110, Fairfax. Reservations are required. Call Ardene Mantrop at 703-691-1400 or Mark Goedde at 703-250-1000 . . . The Fairfax Station office of Coldwell Banker Stevens, Realtors will offer a free seminar on buying a second home, resort or investment property from 7 p.m. to 8:30 p.m. Wednesday at Kings Park Library, 9000 Burke Lake Rd., Burke. To register call the 24-hour reservation line at 703-281-6014, extension 1050.
Send realty announcements to Brian Krebs, Real Estate Notes, The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.