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Mortgage rates fall to decades-low of 4.27 percent
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THE ASSOCIATED PRESS
Posted: Oct. 7, 2010 | 8:39 a.m.
Updated: Oct. 7, 2010 | 9:51 a.m.
Updated: Oct. 7, 2010 | 9:51 a.m.
NEW YORK -- Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy. The average rate for 30-year fixed loans dropped to 4.27 percent. That's the lowest on records dating back to 1971, and down from 4.32 percent the previous week.
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