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Mortgage rates at lowest level in six decades

Average rate on 30-year-fixed at 4.09 percent — lowest level since 1951

updated 9/15/2011 10:46:43 AM ET

 

WASHINGTON — Fixed mortgage rates have fallen to the lowest level in six decades for the second straight week. But few Americans can take advantage of the historically low rates. Freddie Mac says the average rate on the 30-year fixed mortgage fell to 4.09 percent this week. That's the lowest rate seen since 1951. The average rate on the 15-year mortgage, a popular refinancing option, fell to 3.30 percent, also a new low. Economists say it is likely the lowest rate on the 15-year ever.

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