Homeowners Snapping Up Low-Rate Loans: 7.7 Pet. Average in Area Among Lowest Across U.
It is not yet a stampede, but the lowest interest jiates since 1973 have set off a new mortgage rush, With refinancers who missed the last.fate tumble six months ago snapping up evenÛ÷better deals than they could have obtained ;then.; . . . ' .	v	;ÐÊ</br></br>Busiriesshas increased for home-purchase loans as well, lenders report, but persistent doubts about the economy and job security are keeping a lid on a real rejuvenation of the residential real estate business. Û÷</br></br>The iiiterest-rate drop ÛÏmay have a limited impactÛ on home sales, said John A: Tuc-cillo, chief economist for the National Association of Realtors, ÛÏbecause of the surrounding economic environment, which is not conducive to the kind of stimulus that interest rates can give.... The view of where the economy, is has inhibited a lot of potential buyers."</br></br>Average mortgage interest rates held basically steady this week at about 8 percent for a 30-year fixed-rate loan.</br></br>Bank Rate Monitor, a Florida-based newsletter that conducts weekly surveys of the 100 largest U.S. banks and thrifts, reported a 7.99 percent national average for the second straight week, and a 7.77 percent Washington average, which is slightly higher than last weekÛªs.