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The State of New York Mortgage Agency has cut the interest rate on its HomeOwnership mortgage program, to 8.4 percent, or an annual percentage rate of 8.675 percent.

The new rate, down from 8.5 percent and an 8.78 percent APR, applies to SONYMA's 20-, 25- and 30-year mortgages with a minimum 5 percent downpayment.

SONYMA loans primarily are designed for first-time home buyers.

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