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MORTGAGE RATES FALL AFTER GOVERNMENT TAKE OVER
USA Today reports: A drop in mortgage rates that's accelerated since the government said it would take over Fannie Mae and Freddie Mac has raised hopes that more buyers might be drawn into the housing market and help reverse the worst slump in decades. Analysts caution, however, that the benefits of lower rates will be tempered by stricter mortgage-lending rules and a stubbornly weak economy. The average rate on a 30-year fixed-rate mortgage fell to 5.88% on Tuesday, according to Bankrate.com. 9% OF HOMEOWNERS ARE LATE ON PAYMENTS According to the Associated Press, "9.2% of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June". "The national foreclosure numbers continue to be driven by the hardest-hit states continuing to get much worse," Jay Brinkmann, the association's chief economist and senior vice president for research and economics, said in a news release. The increases in foreclosures in California and Florida overwhelmed improvements in states such as Texas, Massachusetts and Maryland, he said. |
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