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Interest Rates Bottom-Out 4 Month Level
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June 6, 2005 LOS ANGELES --
Last week we saw
interest
rates for home loans hit the
lowest level seen in four months. The drop indicates the eighth of such in the
past nine weeks.
According to Freddie Mac, the industry leader for statistical
analysis, its weekly nationwide survey showed rates for
30-year, fixed mortgages averaged 5.62 percent, down from 5.65 percent the
prior week.
The last time we have seen
rates this low was back on
February 10, at which point the 30-year fixed mortgage rate dipped to 5.57
percent.
As expected, the recent and steady declination of rates has
created a surge in new and existing home sales. In April we saw record levels of
home purchase applicants, and can expect to see even more in May if rates
continue their decline. - By
Arthur "Guy" Weiss,
Mortgage Columnist.
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