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Costs for Fixed Rate Home Loans Have Lessened
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June 27, 2005 LOS ANGELES --
Over the past year we have
seen some twists and unforeseen turns in the mortgage and home
finance marketplace. Namely,
mortgage rates have stayed at
remarkably low levels on a countrywide basis, a greatly unexpected reality when
you factor in the Federal Reserve's "measured interest rate increase" plan
initiated last June.
Adding yet another twist in the home loan amalgamates is the
fact that loan costs associated with fixed-rate
mortgages have seen a decline over the past year. This in despite of some
measurable increases in
interest rates over the
past year.
To give a thumbnail sketch of rates this week, we
offer the following: The most appealing five-year fixed-rate loan available this
week thus-far is at 4.69 percent. This equals 0.9 per cent less than percentages
compared congruently against this time one year prior.
As far as overseas home finance is concerned, it appears our friends in the UK
have a bit of good news on their front as of late as well. Last week a slew of
mortgage companies in
Britain announced that they would be slashing interest rates for their
equivalent fixed-mortgage programs by up to 0.3 percent.
Article by Nolan Voight, Home Loan Industry Columnist.
Email Mr. Voight.
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