9/09/2005

Slowing Economy?

The 30-year fixed rate mortgage held around 5.8 percent, and rates on other mortgage products took a slight drop as recovery from Hurricane Katrina begins. In Los Angeles area the average was 5.84 percent for 30-year-mortgage rates. It is yet to be seen how much the flow of money into damage areas will affect housing costs in the rest of the country, but new home costs could rise a few percentage points, putting downward pressure on interest rates in the future.

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