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July 23, 2010

MORTGAGE INTEREST RATES DROP A BIT AGAIN
Incredibly low mortgage interest rates just seem to be getting even lower. This may offer some hope for a rebound of the housing market, which is experiencing some letdowns following the expiration of the much-used Federal Home Purchaser Tax Credits on April 30.

The most used loan, the thirty year fixed rate mortgage had an average interest rate of 4.56 %, which is just a hair lower than the prior weeks' 4.57 % and the same period of last year's 5.20 %. The survey of thirty year mortgages, which is done by Freddie Mac, began in April of 1971.

As for the fifteen year fixed rate mortgages, their average interest rate was 4.03 %, which is lower than the 4.06 % of this past week. This was the lowest average rate for this variety of loan since it began being surveyed in 1991.

The drop in mortgage interest rates during recent weeks reflects the latest indications that confidence in the state of the economy is beginning to weaken, especially in the consumer and housing areas.

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