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PENNSYLVANIA LOWERS MORTGAGE RATE -- MAKES FUNDS AVAILABLE NOW

 HARRISBURG, Pa., Feb. 25 /PRNewswire/ -- The Pennsylvania Housing Finance Agency has lowered the mortgage interest rate on Statewide Homeownership Program loans to 6.80 percent, the lowest in nearly two decades.
 Don Plunkett, head of PHFA's Statewide Homeownership Program, said $60 million of loan funds is available immediately for use by homebuyers. Plunkett said that rather than hold the loans for a mortgage lottery in March, the agency would pump the money into the housing market now, to help fuel the economic recovery.
 "With PHFA's low rates and low program participation fee (one point plus $300), the loans are an especially good deal for today's buyer," Plunkett said.
 The Housing Agency had earlier announced a mortgage rate of 7 percent, based on prevailing bond market conditions, but was able to revise the rate downward after the bond sale.
 Brian Hudson, PHFA's chief financial officer, said the low rate was due to favorable financial market conditions when PHFA sold its bonds late last week. Bonds are sold to investors to provide capital for the home loans. Taxpayer funds aren't used for the program.
 State mortgage funds are available at more than 200 lending offices statewide. For more information about the program, call the toll-free mortgage hotline at 800-822-1174.
 /delval/
 -0- 2/25/93
 /CONTACT: Pamela Pryzie or Phil Friday of the Pennsylvania Housing Finance Agency, 717-780-3915, or 717-780-3890/


CO: Pennsylvania Housing Finance Agency ST: Pennsylvania IN: FIN SU:

MJ-LJ -- PH005 -- 0295 02/25/93 10:16 EST
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Date:Feb 25, 1993
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