New low recorded for US rates

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2010-07-23

Average interest rates for 30-year and 15-year mortgages are at record lows in the US.

The Federal Home Loan Mortgage Corporation has verified figures that show interest rates for 30-year, fixed-rate contracts dropped from 4.57 percent with an average of 0.7 points, to 4.56 percent this week; a record low for the 39-year interest rate survey.

Average interest rates for 15-year, fixed-rate mortgages also hit a record, falling to 4.03 percent from last week's average of 4.06 percent.

The change shows weakening confidence in the strength of the economy, particularly the housing and consumer sectors.

Source: Europe News.Net

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