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Article: HOME MARKET STILL STRONG THIRTY-YEAR MORTGAGE RATES WILL APPROACH 7 PERCENT BY YEAR'S END.(BUSINESS)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- March 25, 2005
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Byline: Jeannine Aversa AP economics writer
WASHINGTON -- Rising mortgage rates will cool but not crush a national housing market that is still relatively hot, one of the economy's consistently good performers.
That's the feeling among industry experts who have marveled over housing's vibrancy -- all the way through the 2001 recession as well as the economy's recovery. Powered by low mortgage rates, sales of both new and previously owned homes marked record highs four years in a row -- from 2001 to 2004.
Sales are expected to slow this year as mortgage rates move higher. For now, economists are predicting the rate climb will be smooth, leaving the housing market ...