McLEAN, Va. - (05/23/03) -- Mortgage rates continued to plungetowards record depths this week, prompting a new boom, according toFreddie Mac. The average for the benchmark 30-year,fixed-rate loan fell all the way to 5.34% this week, form 5.45%last week; while the average for the 15-year, fixed-rate mortgagedeclined to 4.73%, from 4.84%. The average for the one-year ARMcontinuing dropping to all-time lows, falling to 3.61%, from 3.67%last week. Lower rates have pushed this year's mortgage lendingahead of last year's pace and on record for a new high of $2.6trillion, according to the Mortgage Bankers Association. The vastmajority of lending continues to be in refinancing, with 76% of allapplications last week for refis, the MBA said.
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