VOL. 116 | NO. 185 | Tuesday, September 24, 2002
The Greater Memphis Chapter of the Construction Financial Management
Association chapter meeting is 11:30 a
The Certified Remodeler Specialist election luncheon is
Thursday at Germantown Country Club, 1780 Kimbrough Road. Memphis Convention
& Visitors Bureau president Kevin Kane is the guest speaker. The polls open
at 11:30 a.m. The noon luncheon is free to members. Non-member guests will be
charged $20. Call 818-2444 to make reservations.
Mid-America Apartment Communities Inc.s board of directors
declared a full month dividend of 0.1979 per outstanding share of Series A
Cumulative Preferred Stock. The distribution is payable Oct. 15 to shareholders
of record Oct. 1. The board also declared a full month dividend of 0.1849 per
outstanding share of Series B Cumulative Preferred Stock. The distribution is
payable Oct. 15 to shareholders of record Oct. 1. In
addition, the board declared a full quarterly dividend of 0.5859 per
outstanding share of Series C Cumulative Preferred Stock. The distribution is
payable Oct. 15 to shareholders of record Oct. 1.
Memphis Area Association of Realtors volunteers are needed
at the Habitat build, 778 Ioka Ave., from 12:30 p.m. to 5 p.m. Saturday. Call
Lee Ann Williams-Maley, 818-2423, for information.
The Building Owners and Managers Association Memphis
Business Expo is 10 a.m. to 3 p.m. Oct. 3 at Agricenter International, 7777
Walnut Grove Road. For information, call Daphne Wolf, 398-4288.
In Freddie Mac's Primary Mortgage Market Survey, the
30-year, fixed-rate mortgage averaged 6.05 percent, with an average 0.7 points,
for the week ended Sept. 20, falling from 6.18 percent the previous week. This is the lowest the 30-year FRM has been since Freddie
Mac began tracking it in 1971. Last year at this time, the 30-year FRM
averaged 6.8 percent. The average for the 15-year FRM last week was 5.47
percent, with an average 0.7 points, falling from the previous week's average
of 5.59 percent. This is the lowest the 15-year FRM
has been since Freddie Mac started recording it in 1991. A year ago, the
15-year FRM averaged 6.3 percent. One-year, Treasury-indexed, adjustable-rate
mortgages averaged 4.28 percent last week, with an average 0.7 points, almost
unchanged from the previous week's average of 4.32 percent. This is the lowest the 1-year ARM has been since the week
ending Feb. 25, 1994, when it was 4.25 percent. This time last year, the
one-year ARM averaged 5.58 percent.