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Fixed mortgage rates near historic lows; 30-year falls to 4 pct.; 15-year drops to 3.31 pct.
WASHINGTON (AP) ' The average rate on the 30-year fixed mortgage fell to 4 percent this week, nearly matching the all-time low hit just one month ago.
Freddie Mac says the rate on the 30-year loan dropped from 4.10 percent last week. Four weeks ago, it dropped to 3.94 percent ' the lowest rate ever, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage fell to 3.31 percent from 3.38 percent. Four weeks ago, it too hit a record low of 3.26 percent.
Low rates have done little to jolt the struggling housing market. Sales are depressed and home prices are dropping.
Mortgage rates tend to track the yield on the 10-year Treasury note, which the Federal Reserve has been buying to lower rates.