Mortgage rates have fallen to their lowest levels since modern records started in 1971. Average 30-year mortgage rate fell to 3.94% last week in response to Federal Reserve Bank plans to purchase long-term securities pushing down long-term rates tied to mortgages. Fifteen year fixed mortgages are down to 3.26%. It is hoped that lower mortgage interest rates will help Americans keep their homes and encourage new homeowners to enter the market.
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