The average interest rate on 30-year fixed-rate mortgages edged down to 7.58 percent this week, marking the second straight weekly decline.
The average was down from 7.65 percent last week, Freddie Mac said Thursday in its weekly survey.
Mortgages rates had been creeping up 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 a high of 7.71 percent, set at the beginning of this month.
Fifteen-year mortgages, often a popular option for refinancing, declined sharply. The rates averaged 7.19 percent this week, down from an average of 7.30 percent last week.
"With concern about inflation easing, Treasuries dropped this week and mortgage rates followed them downward," said Robert Van Order, chief economist for Freddie Mac. "In fact rates seem to be stabilizing after the recent spike in mortgage interest rates."
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.97 percent this week, up slightly from 5.96 percent the previous week.
PERSONNEL . . . Woodmark Cos. appointed S. Alexander Green senior vice president, Woodmark Commercial Services . . . Geac/Interealty of Vienna named Larry Dressel president and general manager . . . Associated Builders and Contractors Inc. of Washington named Robert Hepner executive vice president.
UPCOMING EVENTS . . . The Washington Metropolitan Chapter of Community Associations Institute will hold a seminar on directors and officers insurance from 6:30 to 9:30 p.m. Tuesday at the Hilton Mark Plaza Hotel, 5000 Seminary Rd., Alexandria. Registration begins at 6 p.m. The cost, $35 for homeowners and $50 for managers, includes seminar materials and refreshments. Call 703-750-3644 for more information.
Send realty announcements to Brian Krebs, Real Estate Notes, The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.