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U.S. 30-Year Mortgage Rates Fall to Record Low of 3.4%

U.S. mortgage rates declined to record lows as the Federal Reserve pushed down borrowing costs by resuming purchases of mortgage-backed securities.

The average rate for a 30-year fixed loan fell to 3.4 percent in the week ended today from 3.49 percent, McLean, Virginia-based Freddie Mac said in a statement. It was the lowest in data going back to 1971. The average 15-year rate dropped to 2.73 percent, also a record, from 2.77 percent.