The average interest rate on 30-year fixed-rate mortgages, which has been rising for two months, edged down to 7.63 percent this week.
The average was down from 7.65 percent last week, Freddie Mac said Thursday.
Mortgages rates have been on an upward climb for the past two months and have fluctuated from their low for the year of 6.74 percent at the end of January to 7.65 percent last week, the highest level in two years.
Fifteen-year mortgages, often used in refinancing, averaged 7.28 percent this week, up from the average of 7.26 percent last week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.93 percent, slightly down from 5.94 percent the previous week.
PERSONNEL . . . Clark Construction Group Inc. of Bethesda promoted Sid Jordan and Bill Shook to division presidents--Jordan for the southern division and Shook for the northern division. The company also promoted John Omran to senior vice president in company's purchasing department . . . Brian C. Rossi joined Transwestern-Carey Winston of Bethesda as vice president of the suburban Maryland leasing division . . . HBW Group of Rockville named Gary Montgomery director of brokerage.
AWARDS . . . Victory Housing Inc. of Bethesda received the award for Best Commercial Remodel Under $500,000 for the renovation of the Mary's House assisted living facility, at the 1999 Chrysalis Awards for Remodeling Excellence . . . Stanley Martin Cos. won the award for best commercial remodel for more than $500,000 for the remodeling of the condominium project 47th and Elm in Chevy Chase . . . A. James Clark, chairman and chief executive of Clark Enterprises Inc., parent company of Clark Construction Group Inc., received an honorary degree of doctor of humane letters from the Johns Hopkins University.
UPCOMING EVENTS . . . Fannie Mae Foundation and the Washington Wizards will hold a free home-buying fair today from 10 a.m. to 4 p.m. at the MCI Center in Washington. Workshops will be scheduled in English and Spanish. Participants can apply for a free credit report. For more information, contact Jennifer S. Farland at 202-274-8080.
Send realty announcements to Brian Krebs, Real Estate Notes, The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.