WASHINGTON-According to Freddie Mac, there has been a reduction in the average rate for fixed loans of 30-year tenure, from 4.42% last week to 4.36%, representing the ninth time that rates have fallen in 10 weeks.
The trend indicates a further weakening of the economy although loan holders can benefit from refinancing their debts. Despite low rates, home sales have not increased due to rising unemployment, stringent credit standards and the unavailability of tax credit. For the full story, go to Detroit Free Press.
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