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Article: MORTGAGE RATES DROP FOR 2ND STRAIGHT WEEK.(BUSINESS)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- December 20, 2002
CopyrightCOPYRIGHT 2002 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Mortgage rates around the country fell for the second straight week, with rates on one-year adjustable rate mortgages dropping to their lowest level on record.
The average interest rate on 30-year fixed-rate mortgages dipped to 6.03 percent for the week ending Dec. 20, down slightly from the previous week's 6.04 percent, Freddie Mac reported Thursday in its weekly nationwide survey.
In the middle of November, rates on 30-year mortgages plunged to 5.94 percent, the lowest level since the mortgage giant began tracking them
in 1971. After that, mortgage rates edged up for three straight weeks but have gone down in the last two weeks.
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