Interest Rates Slip to an 18-Year Low

Associated Press

The average interest rate on 30-year fixed mortgages dropped to its lowest level in more than 18 years, according to a survey released Friday.

Fixed rates this week fell to an average of 8.35% from 8.49% the previous week, the Federal Home Loan Mortgage Corp. said.

On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.02%, down from 6.21% last week.

Economists believe that rates will continue falling after the new year begins but will start climbing again in the spring as the economy emerges from its slump.

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