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 April 27, 2007

Home Owners Utilizing Less Home Equity
Recent data shows that fewer home owners are opting to take out home equity loans.
A twelve-month period, ending in March, 2007 showed only a 9% increase in home equity loans. This is well below the average annual growth rate of 21% over the past 5 years.

The biggest deterring factor are probable rising interest rates. The average rate on a home equity loan has risen to 8.7%. This has gone up from 6.4%, the rate as of April, 2004.

Currently, fixed rate home loans are far more attractive. They average rates of 8.1% which are up from 6.75% only 12 months ago.

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