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September 26, 2000 | Associated Press
Cheaper borrowing costs encouraged Americans to snap up existing homes in August, giving sales their biggest boost in 14 months. The National Assn. of Realtors reported that sales of previously occupied homes shot up by a surprising 9.3% last month to a seasonally adjusted annual rate of 5.27 million. In August, the average interest rate on a fixed-rate 30-year mortgage was 8.03%, down from 8.15% in July. Many analysts had expected sales to increase by around 4.4% in August.
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BUSINESS
September 26, 2000 | Associated Press
Cheaper borrowing costs encouraged Americans to snap up existing homes in August, giving sales their biggest boost in 14 months. The National Assn. of Realtors reported that sales of previously occupied homes shot up by a surprising 9.3% last month to a seasonally adjusted annual rate of 5.27 million. In August, the average interest rate on a fixed-rate 30-year mortgage was 8.03%, down from 8.15% in July. Many analysts had expected sales to increase by around 4.4% in August.
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