In America, where overall debt levels have fallen fastest, a lot of the reduction in household debt has been thanks to mortgage defaults and write-downs.

在总体债务水平下降最快的美国，家庭负债减少有很多是住房抵押贷款违约和价值减记的结果。

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Nationwide said it would pass on the reduction in full, taking its base mortgage rate from 4% to 3.5% from 1 February.

国民银行(Nationwide)称将会把这一降息直接回馈给按揭客户。 这样，从2月1日起，其基础按揭率将从4%降到3.5%。

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Exactly what the revised version of the settlement says is unclear but would come as little surprise if the mortgage reduction portion of the settlement has been drastically weakened or taken away all together.

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The reduction in mortgage rates to their lowest level since the mid-1950s have helped to stimulate housing demand.

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In essence, higher rates lead to a reduction in mortgage refinancing.

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