Mortgage rates drop below 4 percent for first time ever
Average rate on 30-year-fixed mortgage hits 3.94 percent
WASHINGTON — The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates.
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