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COPYRIGHT 2001 The Miami Herald
Byline: Michele Chandler
Apr. 26--Still waiting for mortgage rates to drop even lower before you refinance your home loan?
Better hop off that fence, and head for the bank.
Economists say home mortgage rates aren't likely to go much lower this year; currently, they're skirting about 7 percent, in South Florida and nationally. And, since so many other homeowners have already begun applying for refinance loans, the pipeline is getting clogged, which can double the time it usually takes to finalize most refinancing deals.
Homeowners eager to lower their monthly house payments have been stampeding into lenders' and brokers' offices since January, soon after the Federal Reserve Board made its first cut this year to short-term lending rates.
Among them --...
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