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Lower Mortgage Rates Fuel Rise in Home Sales, Refinancing in Mobile, Ala.(Originated from The Mobile Press-Register, Ala.)

May 23--With 30-year, fixed-rate mortgages dropping in recent weeks to their lowest level in more than a year, the Mobile housing market is poised for a surge of activity.

"Generally speaking our market is very strong," said Jeff Newman, executive vice president of the Mobile Area Association of Realtors. "I attribute that to two factors.

"One is the very low interest rates. The second is that Mobile is one of the most affordable housing markets in the country. You can still get a lot of home for your dollar in Mobile."

A national survey released Thursday by the Federal Home Loan Mortgage Corp. showed 30-year, fixed-rate mortgages averaging 7.83 percent last week, ...

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