6/24/2005

30-year fixed rate mortgage still down

As of June 23, the 30-year rate was down again from last week when it averaged 5.63 percent, to 5.57 percent. At this time last year it averaged 6.25 percent. Existing homes sales, nationwide, in May were at the second highest lever ever recorded, fueled by low mortgage rates, and this pattern may well continue into the foreseeable future, according to Freddie Mac's vice president Frank Nothaft.

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