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Mortgage Rates in Southern California Fall beneath Seven Percent.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, December, 1995 by Sanders, Edmund
Dec. 29--Mortgage rates in Southern California dipped below 7 percent this week for the first time in nearly two years. The average fixed-rate, 30-year loan in Southern California fell to 6.96 percent Thursday, the lowest since February 1994, according to Mortgage News Co. Last week, the average loan -- which includes 1.9 percent in extra costs, or points, paid to the lender -- was 7.04 percent.
The rate drop a week after the Federal Reserve cut the short-term rates it controls after signs appeared of a weakening national economy.
Analysts say the mortgage-rate drop is welcome news for an Orange County home market that is showing signs of recovery from a prolonged slump.
A year ago, fixed-rate loans averaged 9 percent, or about $1,609 a month on a...
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