December 3, 2009
Home Loan Rates Fall To 4.71%
By Matthew L. Brown
The average interest rate for a 30-year mortgage decreased to 4.71 percent this week, according to Freddie Mac.
The rate is the lowest recorded by Freddie Mac since it began tracking rates 35 years ago. Last week, the federal mortgage loan backer reported an average rate of 4.78 percent, which matched a record low set last April.
The agency said government programs aimed at reducing borrowing costs are primarily responsible for the rate decrease.
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