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Article: FREDDIE MAC SURVEY FINDS MORTGAGE RATES AT 6.89%.(MONEYWISE)
- Article from:
- The Cincinnati Post (Cincinnati, OH)
- Article date:
- January 16, 2001
CopyrightCOPYRIGHT 2001 The Cincinnati Post. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. 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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Byline: Pamela Reeves
Mortgage rates have been falling steadily for the last six weeks and are now under 7 percent for the first time since the spring of 1999.
A weekly survey by the big mortgage firm Freddie Mac found that the national average for a 30-year mortgage dropped to 6.89 percent this week.
Those who locked in rates above 7 percent last month made the wrong bet.
Whether rates will drop further is anyone's guess.
But this attractive rate means you could get a mortgage for $150,000 and still have a monthly payment under $1,000.
If you can afford the payments, 15-year mortgages are even more tempting.