Mortgage Rates Drop Sharply

News out of Washington via the AP wire: Interest rates on 30-year mortgages dropped this week to the lowest point in four months. This could very well provide some relief for people hoping to refinance their existing mortgages and for those purchasing new or existing homes.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.31 percent this week, the lowest level since May 17, when 30-year mortgages averaged 6.21 percent. The rate had been 6.46 percent last week. Read more >>

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Pending Home Sales Fall 12.2%

The National Association of Realtors reported today that contract signings on existing homes fell by 12.2% in July. That's the steepest decline since the pending home sales index was initiated in 2001. The decrease in pending home sales occurred in all four regions of the U.S.

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