The average interest rate on 30-year fixed-rate mortgages climbed to 7.96 percent this week, the highest level since mid-August.
The average was up from 7.93 percent last week, according to a weekly survey released Thursday by Freddie Mac, the mortgage company. This week's average was the highest since the week ending Aug. 13, when the rate was 8.15 percent, the high for the year.
Rates hit a low for the year of 6.74 percent at the end of January.
Fifteen-year mortgages, a popular option for refinancing, averaged 7.57 percent this week, up from 7.53 percent last week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.35 percent this week, up from 6.30 percent the previous week.
PERSONNEL . . . Thomas Jordan has been named president of Carrhomes, the Northern Virginia builder. Edward R. Carr will serve as Carrhomes' chairman of the board . . . Catherine E. Sheehan, a principal of the commercial interior architectural design firm Liminality LLP, has been named technical director of the company . . . John W. Naylor has joined Century 21 Quality Homes of Maryland and Virginia as vice president and chief operating officer . . . The Washington Building Congress, a building industry association, named Jay J. Bothwell its 1999/2000 president and Steven J. Kenton as executive vice president . . . Corcoran Jennison Management Co.'s Washington office named Lisa M. Knab marketing director for the mid-Atlantic region . . . Commercial real estate brokerage Julien J. Studley Inc. promoted Neil Narcisenfeld to corporate managing director of the firm's Suburban Washington office in McLean . . . Georgetown Restoration Inc. and Logan Development Corp. named Seth Z. Potack executive vice president responsible for new business development, finance and administration.
IN THE NEWS . . . U.S. Home Corp. has donated 40 acres to Prince William County for the future Catharpin Middle School, slated to open in 2002 in Gainesville. The school will serve the Bull Run Mountain, Evergreen and Catharpin communities and parts of Gainesville and Haymarket.
EVENTS . . . Andrew M. Cuomo, secretary of the U.S. Department of Housing and Urban Development, will address the 20th anniversary dinner of Catholics for Housing Inc., a nondenominational, nonprofit organization that helps low- and moderate-income families find housing. The dinner is at 6:30 p.m. Nov. 13 at Church of the Nativity, 6400 Nativity Lane, Burke. Tickets are $20 per person and must be reserved by Monday by calling 703-931-5075 . . . The deadline for registering for the 2000 Pillars of the Industry Awards--given by the National Association of Home Builders and Multi-Housing News for apartment development, marketing and management--is this Friday. Contact Kim Duty at 202-974-2333, or by e-mail at firstname.lastname@example.org.
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