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July 03, 2010

MORTGAGE INTEREST RATES DOWN TO HISTORIC LOW
Interest rates for mortgages dropped this past week to the record low of 4.69% from the 4.75% rate of the preceding week, according to Freddie Mac. This rate is the lowest one since 1971. This drop should provide an added incentive for home buyers to lock in the interest rate on the mortgage that they plan to use in purchasing a home.

The extremely low rates, however, have not yet brought about a significant upturn in home purchases, nor have they given a boost to the economy. As soon as the Federal tax credits deadline hit on April 30, the sales of new homes dropped drastically.

The economy is still being pressured by high unemployment numbers and the fact that tighter requirements for obtaining mortgages prevented many prospective buyers from purchasing a home, as they failed to qualify for financing.

As many potential home purchasers still have concerns about their employment security and general financial comfort, they may well be disinclined to take the step of actually buying, despite the fact that affordability is at its best level in years. Search La Jolla Homes

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