SOMEBODY WAKE AL UP :

The cost of home loans tumbles as interest rates keep heading lower; is the bottom near? (CNN/Money, July 25, 2002)

Thirty-year mortgage rates fell to the lowest level in 31 years as interest rates have fallen along with stock prices, but economists warned Thursday that rates may be nearing a bottom.

Freddie Mac reported that the 30-year mortgage loan rates averaged 6.34 percent this week, with an average of 0.6 of a point payable up front to the lender. This is the lowest level for 30-year fixed-rate loans since the firm began tracking mortgage rates 31 years ago.

Here's further evidence--if we needed any--that the Fed has interest rates way to high. Posted by Orrin Judd at July 25, 2002 9:32 PM