Mortgage Rates Dip Following Fed Announcement

RISMEDIA, July 7, 2006—After rising for three consecutive weeks, fixed mortgage rates took a breather in the immediate aftermath of the Federal Reserve's June 29 interest rate hike. The average 30-year fixed rate mortgage slid to 6.91 percent from 6.93 percent the day before last week's Fed announcement. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.31 discount and origination points.

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