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Article: Mortgage rates fall again Benchmark 30-year fixed rate slips to record-low 5.61 percent
- Article from:
- Oakland Tribune
- Article date:
- March 14, 2003
- Author:
CopyrightCopyright 2003 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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For the fifth time in 2003 and the fourth week in a row, 30-year
mortgage rates sunk to record lows, encouraging some home buying and
a frenzy of refinance activity.
The average interest rate on the benchmark 30-year fixed-rate
mortgages dropped to 5.61 percent for the week ending March 14,
Freddie Mac, the mortgage company, reported Thursday in its weekly
nationwide survey.
That shattered the previous record low of 5.67 percent set only
last week.
Lower rates encourage homeowners to refinance, luring them with
prospects of trimming monthly mortgage payments.
"We're very busy, incredibly busy," said Paul Riccardi, president
of MPR Financial in Albany.
"If you have a half a percent ...