The average interest rate on 30-year fixed-rate mortgages rose to 7.71 percent this week, the highest level in two years.
The average was up from 7.63 percent last week, according to a weekly survey released Thursday by Freddie Mac.
Mortgages 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, to this week's high of 7.71 percent.
Fifteen-year mortgages, a popular option for refinancing, averaged 7.34 percent this week, up from the average of 7.28 percent last week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.05 percent, up from 5.93 percent the previous week.
ACQUISITIONS . . . Property management firm Legum & Norman of McLean has acquired Paradise Management, with offices in Ocean City, Md., and Bethany Beach, Del. Paradise Management specializes in community association management. Paradise's affiliated companies--Fredco, Tropical Pools and Aloha Maid Services--are included in the acquisition . . . Avery-Hess Realtors of Vienna has acquired the business assets of ERA Van Metre Real Estate. The acquisition adds 25 sales associates for Avery-Hess . . . The Frederick County Real Estate Guide has been sold by Gamble Publications to the Gazette newspaper group of Frederick, Md. Publisher Marsha Gamble announced the sale Thursday.
PERSONNEL . . . W.F. Chesley Real Estate Inc. of Crofton, Md., named Sandy Selke, Bob Poma and Dan Santin to its 1999 Presidents Club . . . Joel A. Cannon joined the Rubenstein Brokerage Group as chairman of its office in Tysons Corner.
AWARDS . . . Building Owners and Managers Association International of Washington named the building at 740 15th St. NW the office building of the year, historical building category, at its 1999 TOBY Awards in Atlanta. The building, which houses the American Bar Association, is owned by James O. Broadhead Corp., managed by Carr Real Estate Services and was designed by Wood, Donn & Deming Architects . . . The Housing Association of Nonprofit Developers presented the following awards at its 1998 Housing Achievement Awards on June 24 in Arlington: Homes for America Inc., nonprofit developer of the year; Paradigm Development Co., for-profit developer of the year; Apartments at North Point by Reston Interfaith Inc., best project; A-B-C Housing by Good Shepherd Housing and Family Services Inc., best social services program; Capital One and First Union National Bank, lender of the year; Hazel & Thomas, consultant of the year; Fairfax County Redevelopment and Housing Authority for the Herndon Harbor House Project, government agency of the year.
Send realty announcements to Brian Krebs, Real Estate Notes, The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.