The average interest rate on 30-year fixed-rate mortgages fell to 7.67 percent this week, the lowest level since late July.
The average was down from 7.84 percent last week, according to a weekly survey released Wednesday by Freddie Mac. The average for the week that ended Friday was the lowest since the week ended July 23, when the 30-year rate was at 7.52 percent.
Mortgage rates have been climbing this year. The average rates on a 30-year mortgage hit a low of 6.74 percent in late January and a high of 8.15 percent in mid-August.
Fifteen-year mortgages, a popular option for refinancing, averaged 7.30 percent this week, also down from the average of 7.45 percent last week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.30 percent this week, down from 6.34 percent the previous week.
Separately, the Mortgage Bankers Association of America said that mortgage loan applications for the week ended Nov. 5 decreased 2.8 percent from the previous week and were down 46.6 percent compared to the same week last year.
AWARDS . . . The Maryland-National Capital Building Industry Association named as 1999 Builder of the Year Mid-Atlantic Builders Inc. in the medium-volume-builder category and Natelli Communities as small-volume builder. R&F Metals Inc., was named Subcontractor of the Year, and Loiderman Associates Inc. is Associate of the Year . . .
UPCOMING EVENTS . . . Edward Ely of Rouse Co. will discuss "Development in Prince George's County" at the Greater Washington Commercial Association of Realtors' Maryland region breakfast Tuesday at 8 a.m. at the Club Hotel, 9100 Basil Court, Largo. Cost is $25 for non-members. For more information, call 202-887-6213 or visit www.gwcar.org . . . The District of Columbia Building Industry Association will hold a breakfast seminar, "Housing Technology Companies: The Impact of Technology Firms on Commercial Real Estate," Thursday at 8 a.m. at the National Press Club, 14th and F streets NW. Cost is $40 for members, $60 for non-members. For information, call 202-966-8665 . . . Liberty Village, a Maryland co-housing community, will hold a lunch and tour Nov. 21 and an open house Dec. 19. Both events are at 1 p.m. at the United Methodist Church meeting hall, Route 26 and Trammel's Alley, Libertytown, Md. Call 1-800-400-0621 or visit www.libertyvillage.com.
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