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Freddie Mac announced today that the average
30-year mortgage rates dropped once again to a new record low of 4.32% with an average 0.7 point for the week ending September 2nd. In the previous period, the average was 4.36%, and the year-ago average was 5.08%. “The 12-month price growth of core personal expenditures remained at 1.4% in July, which kept overall inflation expectations well at bay. Federal Reserve chairman, Ben Bernanke reiterated this in his August 27th speech, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. Amy Crews Cutts, Feddie Mac deputy chief economist said that as a result,
home loan rates fell further this week to new historic lows.” It will be interesting to see if the record low mortgage rate streak can continue.
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