Real estate & low interest

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    Interest rates in the US have broken a 32-year low - classic food for a real estate bubble.

    NEW YORK (CNN/Money) - Rates for long-term mortgages fell to new lows this week as downward revisions of gross domestic product suggested weak growth in the economy.

    Freddie Mac reported Thursday that the 30-year mortgage averaged 6.31 percent in the week ending Aug. 9, with an average of 0.6 of a point payable up front to the lender. The rate dipped from an average 6.43 percent last week and remained lower than its average 7 percent a year ago. The new average 30-year rate breaks the 32-year low recorded two weeks ago.

    The 15-year fixed-rate mortgage averaged 5.69 percent, down from 5.84 percent last week and down from 6.54 percent a year ago. The 15-year averaged 0.6 of a point payable up front. This rate is the lowest recorded since the company began tracking the 15-year rate about 15 years ago, according to Freddie Mac.
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