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Mortgage Rates for U.S. 30-Year Loans Fall to Record-Low 3.88%

Rates for U.S. 30-year mortgages dropped to the lowest level on record as the number of homeowners seeking to reduce their monthly payments surged.

The average rate for a 30-year fixed loan decreased to 3.88 percent in the week ended today, the lowest in records dating to 1971, from 3.89 percent, Freddie Mac said in a statement. The average 15-year rate increased to 3.17 percent from 3.16 percent, according to the McLean, Virginia-based mortgage-finance company.