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

Mortgage rates for 30-year fixed U.S. loans fell to a record low, reducing borrowing costs as concerns about the U.S. economic recovery and euro-region unemployment drove investors to the safety of government bonds.

The average rate for a 30-year mortgage fell to 3.84 percent in the week ended today from 3.88 percent, Freddie Mac said in a statement. It was the lowest in the McLean, Virginia-based mortgage-finance company’s records dating to 1971. The average 15-year rate dropped to 3.07 percent from 3.12 percent.