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Mortgage Rates in U.S. Fall to Record Low, Freddie Mac Says

U.S. mortgage rates tumbled to the lowest in at least four decades as stagnant job growth and concern that Europe’s debt crisis is deepening drove investors to the relative safety of government bonds.

The average rate for a 30-year fixed loan dropped to 4.12 percent in the week ended today from 4.22 percent, Freddie Mac said in a statement today. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate fell to 3.33 percent from 3.39 percent.