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MORTGAGE RATES HIT RECORD LOW
HOUSTON (Houston
Business Journal) – Thirty-year mortgage rates fell to 4.78
percent Friday, hitting their lowest level since Freddie Mac
started tracking rates in 1970.
Adjustable-rate mortgages also eased, but
one-year, adjustable-rate mortgages are averaging rates nearly the same as
30-year fixed rates, at 4.77 percent.
Freddie Mac officials reported borrowers
who refinanced their mortgages in the first quarter reduced their combined
mortgage payments by about $2.5 billion over the coming year.
Courtesy of
RECON
Real Estate Center Online News
May 5, 2009
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