By Jeff McKinney
The Cincinnati Enquirer

Several Tristate lenders, including many of Greater Cincinnati's largest, this week began offering 30-year mortgages at 6 percent or less.

The average 30-year rate is the lowest since the Cincinnati Area Board of Realtors began tracking rates in 1985.

The falling rates mean continued savings for consumers buying and refinancing homes. The rates could help the local housing market, expected to set a sales record in 2002, extend its boom.

This week's average 30-year, fixed-rate mortgage with no points was 6.04 percent, according to a survey of 18 lenders by the Cincinnati Area Board of Realtors. The monthly payment on a $100,000 loan: $601.80.

Ten lenders - including Fifth Third Bank, Third Federal Savings, Franklin Savings and First Financial - are offering mortgages of 6 percent or lower.

In comparison, the average rate for the last week of December 2001 was 7.24 percent - the highest for the past year. The monthly payment on $100,000 was $681.29 at that rate.

Rates on shorter-term mortgages also have hit record lows.

The average rate on a 15-year, fixed-rate mortgage was 5.15 percent, while the one-year adjustables came in at 3.94 percent.

Snow Cimaglio, regional manager for Third Federal Savings, said 2002 was the best year ever for the Cleveland-based company, which was founded in 1938.

"With rates hitting their lowest level the past two months, customers continue to rush in to refinance or purchase homes,'' she said. "The savings are just too good to pass."

E-mail jmckinney@enquirer.com