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U.S. Mortgage Rates Fall to Record as 30-Year Reaches 4.01%

Mortgage rates in the U.S. fell to the lowest level in Freddie Mac records after the Federal Reserve announced a plan to reduce borrowing costs even further.

The average rate for a 30-year fixed loan dropped to 4.01 percent in the week ended today from 4.09 percent, Freddie Mac said in a statement. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate declined to 3.28 percent from 3.29 percent last week.