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Mortgage Rates Drop to New Lows.

The Milwaukee Journal Sentinel (Milwaukee, WI)

| September 20, 2002 | This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Paul Gores

Sep. 20--Mortgage rates have fallen to new lows, extending the refinancing boom, boosting early autumn home buying and keeping some lenders working weekends to meet the demand, those in the industry said Thursday.

Freddie Mac reported Thursday that the average interest rate on 30-year fixed-rate mortgages dropped to 6.05 percent this week, the lowest level the mortgage-buying company has seen in the 31 years it has tracked that type of loan. A week ago the rate was 6.18 percent.

The average interest rate on 15-year fixed-rate mortgages dipped to 5.47 percent this week, down from 5.59 percent last week. That also is the lowest rate…

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Source: HighBeam Research, Mortgage Rates Drop to New Lows.

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