(Source: ABC News)

Freddie Mac survey says mortgage rates fall to lowest in 38 years after Fed aids market

(Washington) Rates on 30-year mortgages plunged this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971.

The prvious record low of 4.96 percent was set in the week of Jan. 15.

The Fed last week said will pump $1.2 trillion into the economy in an effort to lower rates on morgages and other and loosen credit.

Read original article “Mortgage Rates Drop to Record Low” at ABC News March 26 2009.

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