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30-Year Mortgages Drop To 15-Month Low

Contributed by mm | June 30, 2005 3:24 PM PST





This is amazing -- we are only 32 basis points higher than all time low.

From MSNBC:

Rates on long-term loans have been falling over the past year even as the Federal Reserve has been raising short-term rates steadily from their lowest level in 46 years. On Thursday the Fed was hiked its overnight benchmark for the ninth time in a year, raising the federal funds rate to 3.25 percent, compared with 1 percent a year ago.

Over the same timeframe 30-year mortgages have fallen nearly three-quarters of a percentage point from 6.21 percent. The lowest average weekly level ever recorded for 30-year mortgage rates since Freddie Mac began doing its survey in 1971 was 5.21 percent in June 2003.
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