Mortgage rates drop to all-time lows; 30-year loan at 3.29%

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WASHINGTON (AP) — U.S. long-term mortgage rates dropped to all-time lows this week as anxiety over risks to the economy deepened amid the burgeoning viral outbreak crisis.

Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year loan plummeted to 3.29% from 3.45% last week. The new rate is the lowest level since Freddie Mac started tracking it in 1971, the company says. The steep decline came in a week when the Federal Reserve made a surprise emergency cut in its benchmark interest rate to support the economy in the face of the spreading coronavirus.