Mortgage rates hit new low - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage rates hit new low

WASHINGTON, D.C. (KWWL)-- Mortgage rates hit a new low this week.  It's because the Federal Reserve is moving to buy up government debt in hopes or spurring the economic recovery.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.


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