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Mortgage rates fall to new lows for the year
Mortgage rates fall to new lows for the year

Interest rates for fixed-rate home mortgages are hitting new lows for the year. Lenders earlier this week offered a 30-year fixed-rate loan at an average interest rate of 3.97%, compared with 4.12% last week, Freddie Mac said Thursday. This week’s average was the lowest since the week of June 20, 2013, when lenders offered 30-year loans at 3.93%. Rates are falling as worries over the global economy grow. Investors have bailed out of stocks and into ultra-safe U.S. Treasury bonds, driving down the annual interest rate on the 10-year Treasury note. Because fixed mortgage rates tend to track the long-term Treasury yield, it’s become cheaper to borrow for a house. Freddie Mac...