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A fading middle-class perk: lower mortgage rates
Associated Press ^ | Apr 25, 2014 12:06 PM EDT | Josh Boak

Posted on 04/25/2014 9:25:04 AM PDT by Olog-hai

For three decades, the U.S. middle class enjoyed a rare financial advantage over the wealthy: lower mortgage rates.

Now, even that perk is fading away.

Most ordinary homebuyers are paying the same or higher rates than the fortunate few who can afford much more.

Rates for a conventional 30-year fixed mortgage are averaging 4.48 percent, according to Bankrate. For “jumbo” mortgages—those above $417,000 in much of the country—the average is 4.47 percent. …

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Business/Economy; Government; News/Current Events; US: District of Columbia
KEYWORDS: federalreserve; inflation; interestrates; mortgagerates; obama; yellen
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To: Beagle8U
WOW, those are some beefy tax rates!

Upstate New York, I should have stated.

More than $10K/yr on a $250K house.

Perhaps my math was a little off. More like $675/mo on a $200K house.

21 posted on 04/25/2014 2:38:48 PM PDT by Steely Tom (How do you feel about robbing Peter's robot?)
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To: Alex Murphy

Our first house was financed at 14%. Was in it 4 years and sold it and bought another. We got a special loan and financed it at 7.5 and were blissful about it.


22 posted on 04/26/2014 8:41:02 AM PDT by sheana
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