Saturday, June 16, 2001

What's the Buzz?

Mortgage rates down for 3rd week

        Mortgage rates in the Tristate have dropped for the third straight week, but don't bet that they'll continue moving that way.

        The average rate on a 30-year, fixed-rate mortgage this week was 7.29 percent, according to a survey by the Cincinnati Area Board of Realtors. That rate was down from 7.34 percent the previous week, but unchanged from the same date a month ago.

        The rate this year has been as high 7.44 percent as of Jan. 1 and as low as 7.17 for three consecutive weeks between late February and mid March. But the rate has yet to crack the 7 percent level.

        Still, the volatile rates have not stopped many Tristate residents from refinancing or purchasing their first home.

        One possible reason: The average rate last week of 7.29 percent is still much lower than the 8.41 percent rate a year ago.


— Jeff McKinney

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