Thursday, June 30, 2005

Mortgage Rates go Lower

“WASHINGTON (AP) — Rates on 30-year mortgages sank this week to their lowest level in more than a year, welcome news to prospective home buyers who face soaring home prices in many markets.

Freddie Mac, in its weekly survey, said Thursday that for the week ending June 30, the average rate on 30-year, fixed rate mortgages dropped to 5.53%, from 5.57% last week. This week's rate was the lowest since early April 2004, when rates on 30-year mortgages averaged 5.52%, a spokeswoman for the mortgage giant said.”

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