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STANDARD FEDERAL DROPS INTEREST RATE ON ADJUSTABLE-RATE MORTGAGE TO LOWEST LEVEL IN ITS HISTORY

 STANDARD FEDERAL DROPS INTEREST RATE ON ADJUSTABLE-RATE MORTGAGE
 TO LOWEST LEVEL IN ITS HISTORY
 TROY, Mich., July 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that it has reduced the interest rates it charges for its Lifetime Convertible Adjustable-Rate Mortgage (ARM) to 5 percent, the lowest level it has been in the bank's history.
 The bank also reduced the interest rate it charges for its other single-family home mortgage loans to the lowest rates they have been in over 18 years.
 The following rates are effective Monday, July 6, 1992:
 Lifetime Convertible Adjustable-Rate Mortgage 5.000 percent
 5/25 Mortgage 6.875 percent
 7/23 Mortgage 7.250 percent
 15-Year Fixed-Rate Mortgage 7.625 percent
 30-Year Fixed Rate Mortgage 8.125 percent
 To obtain these rates, the borrower will pay a 2-percent loan discount fee plus the normal application fee and out-of-pocket expenses.
 "With interest rates at record lows, many first-time home buyers will find that purchasing a new home is now affordable for them," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "This is an excellent time to purchase or build a new home or to refinance an existing home mortgage loan."
 Standard Federal Bank, headquartered in Troy, has current assets of $9.6 billion and operates 120 branch offices throughout Michigan and Indiana.
 -0- 7/6/92
 /CONTACT: William R. Yaw Jr. of Standard Federal Bank, 313-643-9600, or in Michigan, 800-482-3930, or in Indiana, 800-874-3716/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


DH -- DE002 -- 6499 07/06/92 08:00 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
Words:259
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