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Mortgage Rate on 30-Year Loan Falls to Record 4.19%

U.S. mortgage rates fell for a third straight week to the lowest level on record, extending a slide in borrowing costs as housing demand slumps.

Rates for 30-year fixed loans declined to 4.19 percent in the week ended today from 4.27 percent, Freddie Mac said in a statement. It is the lowest rate since the McLean, Virginia- based company began tracking the data in 1971. The average 15-year rate tumbled to 3.62 percent from 3.72 percent.