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Article: Mortgage rates hit five-year low; Interest rates in Twin Cities are under national average.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- September 11, 1998
- Author:
CopyrightCOPYRIGHT 1998 Star Tribune Co. 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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Mortgage rates have hit a five-year low and may drop to their lowest point in nearly 30 years.
Nationally, the average interest rate on 30-year, fixed-rate mortgages dropped to 6.77 percent this week, said Freddie Mac, a major purchaser of loans in the in the secondary market. That's the lowest since 6.74 percent in October 1993. If the rate falls further it could reach the lowest point since Freddie Mac began keeping score in 1971, and Freddie Mac economist Robert Van Order said it might.
Rates in the Twin Cities Thursday were even lower. Norwest Mortgage, the nation's largest residential lender, said it was offering 30-year, fixed-rate loans with zero ...