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Va. Announces
Reduction In Home Loan
Guaranty Interest Rate
The Veterans Administration has reduced its maximum home loan inter- - estrate—from 18 percent to 12tt percent effective November 21,1984. The last change in the interest rata occurred on October 22, 1964, when It was reduced from 1814 to 18 percent.
VA Administrator Harry N. Walters said the reduction — the third in the last four months — follows improvement in the mortgage market and continuing investor confidence in the economy.
“In an economy that is growing at a stable, maintainable rate and with inflation remaining low, this latest redaction is more welcome news for veterans,” Walters said. He also noted that since a high VA loan rate of 1714 percent in September 1961, the email rate-trend has been down. The latest drop in rates will lower monthly payments mi an average VA loan of $64,000 by about $26. This la about $16 per month lees than the payment required on the same amount at 14 percent which was the rate in August 1964, or $266 per month lees than payments based on the 1714 percent rate in 1981.
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