Mortgage rates fell to the lowest level since May as home-loan refinances surged. Rates had reached record lows of 4.5% for a 30yr fixed rate loan in April until the end of May where they spiked over 1½% in two days time. Since then they've slowly edged back down - Today the average 30-year rate fell to 5.14 percent, down from 5.20 percent. The 15-year rate was 4.63 percent. Some more technical data: - Overall home loan applications rose 4.3 percent this week: * Purchase applications fell 9.4 percent * Refinance applications rose 18 percent - The global mortgage crisis has cost the world's financial firms almost $1.5 trillion in losses so far. - The Federal Reserve kept the federal funds rate at between zero and 0.25 percent last month. * Th...
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