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As the Australian majors continue to increase interest rates on fixed term home loans, their American counterparts are taking a different approach.
Interest rates for fixed term home loans in America have dropped three consecutive times in as many weeks, according to Freddie Mac and Bankrate.
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For the week ending 21 January 2010, Freddie Mac reported that the 30-year fixed-rate mortgage averaged 4.99 per cent, 0.7 per cent less than last week when the fixed rate home loan was 5.06 per cent.
This time last year, the 30-year fixed rate mortgage averaged 5.12 per cent across the various majors.
Freddie Mac’s vice president and chief economist Frank Nothaft told DSnews.com that rates would continue to remain low and potentially drop further as the federal funds futures market indicates no increase in the Federal Reserve’s target rate.
