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Interest Rates Drop - Homeownership Now In Reach!

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It’s official – according to the National Association of Realtors, mortgage interest rates are now the lowest they’ve been in nearly 50 years! The Federal Reserve Board’s recent action to lower interest rates will help both buyers entering the market and homeowners who need to refinance. 

During 2008, mortgage rates averaged 6.3 percent, but some parts of the country are now seeing rates in the 4 percent range. NAR’s economists believe that a one percentage point decrease in mortgage rates will increase home sales by more than 500,000. 

Reduced mortgage interest rates should provide a significant boost to lending, paving the way for would-be buyers to achieve the dream of homeownership.

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