NEW YORK – Despite earlier predictions by some economists that fixed mortgage rates would start to rise in the second half of 2003, so far there is no indication this is happening. In fact, fixed mortgage rates hit a new low for the sixth straight week, according to The 30-year fixed rate dropped from 5.35 to 5.28% – that's the lowest it's been since 1957. The 15-year fixed mortgage rate also fell to 4.71%. According to, the rate decline was mainly due to investors' belief that the Fed will cut short-term rates again later in June.

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