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REAL ESTATE

From Times Staff and Wire Reports

VA Mortgage Rate Drops to 9%: The Department of Veterans Affairs announced that it is lowering its maximum interest rate for federally backed VA home mortgages to 9% from 9.5%. The new rate is effective Monday. “This change . . . marks a turnaround in the credit market conditions which caused VA to raise the rate from 9% to 9.5% as recently as June 17,” the department said.


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