VA Cuts Interest on Home Loans by a Point

From Reuters

The Veterans Administration Friday cut its maximum interest rate for guaranteed home loans to 9.5% from 10.5% as the housing industry was showing signs of weakness.

The rate, the lowest since last April, when it was also 9.5%, will take effect on Monday.

VA home loans may be used to purchase, improve or refinance a house or condominium and to purchase or refinance a manufactured home.

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