Interest Rates

POSTED BY: News Department
Friday, May 23, 2003 - 05:13 PM
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If you’re thinking about buying a home, now might be the perfect time. Interest rates on mortgages have dropped for the seventh time this year. Rates on thirty-year mortgages dropped to a record low of 5.34 percent. Bruce Kolopajlo, vice president of Century National Bank in Zanesville, says it’s the first time that he’s worked with rates this low and he's been in the business for over twenty five years. During the historically low rate period, bank officials are not only staying busy with new buyers, but with those who already own homes. Kolopajlo says its hard to predict how long these rates will last because the market changes daily. Also, if Greenspan lowers short term interest rates again, mortgage rates could spike up because the stock market will take off.

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