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Article: 30-Year Mortgages Hit Lowest Level
- Article from:
- AP Online
- Article date:
- July 25, 2002
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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WASHINGTON (AP) _ Rates for 30-year mortgages dipped this week to the
lowest level in 31 years of record keeping, helping to spur a further
boom in mortgage refinancing.
Freddie Mac, the mortgage company, reported that the average interest
rate on 30-year fixed-rate mortgages fell to 6.34 percent this week,
down from 6.49 percent the previous week. A year ago, 30-year mortgages
averaged 7.03 percent.
The mortgage company said the latest decline pushed 30-year mortgages
to their lowest level since it began conducting its nationwide survey
in 1971.
The previous record low level for 30-year mortgages was 6.45 percent,
reached in early November.
"The current ...