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Published May 24, 2012, 06:58 PM

Fargo banks busy as mortgage rates hit new low

Fargo, ND (WDAY TV) - Some banks in Fargo are filing mortgage paperwork like never before. Average on rates for 30 year fixed mortgages have dropped to a record low for a fourth straight week.

By: WDAY Staff Reports, WDAY

Some banks in Fargo are filing mortgage paperwork like never before. Average on rates for 30 year fixed mortgages have dropped to a record low for a fourth straight week. They are now at 3.78%. At Cornerstone Bank they've added 4 employees just in the last 3 days to keep up with all the work. With record low interest rates, the bank currently has a record 171 mortgages in the pipeline.

About 60% of the mortgages being processed are for new homes, not refinances. Usually it's the opposite.

Tom Boyer – VP, Cornerstone Bank: “The economy in Fargo is strong and we've seen some oil money even over here on the eastern side of the state. Some people have told me that the lake shore bottomed out and is climbing again because people are seeing this money come to the lakes area now.”

Most lenders suggest you refinance or buy before November.

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