VOL. 116 | NO. 146 | Tuesday, July 30, 2002
Mid-America Apartment Communities Inc
Memphis Area Association of Realtors is hosting Case
Studies in Real Estate Analysis from 8:30 a.m. to 5:30 p.m. Thursday. Course
prerequisites include proficiency in the HP 10BII or 10B calculator; background
in financial investment concepts, terminology and calculations; and completion
of a commercial designation such as the Society of Industrial and Office Realtors.
Course cost for Memphis Metro certified commercial investment members is $175.
The course offers eight hours of Tennessee continuing education credit.
The Realtor luncheon is 11:45 a.m. to 1 p.m. Aug. 14 at the
Memphis Area Home Builders Association, 776 Germantown Parkway. Guest speaker
is Mike Heidingsfield, Memphis Shelby Crime Commission president and chief
executive officer. Call 818-2444 at least 48 hours in advance to make
reservations. No-shows and walk-ups will be charged $15.
Silent auction items and a wine tasting with Shields Hood
will enhance this year's Habitat for Humanity kickoff party in the Memphis Area
Association of Realtors education center, 6393 Poplar Ave., beginning at 5:30
p.m. Aug. 22. Tickets to the benefit wine tasting are $15 in advance and $20 at
the door. For information or to purchase tickets to the wine tasting, contact
Lee Ann Williams-Maley, 818-2423, or email@example.com.
In Freddie Mac's Primary Mortgage Market Survey, the 30-year
fixed-rate mortgage averaged 6.34 percent, with an average 0.6 point, for the
week ended July 26, dropping from 6.49 percent the previous week. Last year at
this time, the 30-year FRM averaged 7.03 percent. This is the lowest the
30-year FRM has been since Freddie Mac began tracking this figure 31 years ago.
The average for the 15-year FRM last week was 5.76 percent, with an average 0.5
point, down from the previous week's average of 5.93 percent. A year ago, the
15-year FRM averaged 6.58 percent. The 15-year FRM has not been this low at any
time since Freddie Mac started tracking it in August 1991. One-year,
Treasury-indexed, adjustable-rate mortgages averaged 4.31 percent last week,
with an average 0.5 point, down from the prior week's average of 4.5 percent.
This time last year, the 1-year ARM averaged 5.72 percent. Last week, the
1-year ARM dropped below levels not seen since the week ended Feb. 25, 1994,
when it averaged 4.25 percent.