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Mortgage Rates Fall Below 5%

Mortgage rates fell to a record low on Thursday after a sudden decision by the Federal Reserve to add $1.2 trillion to the economy. The rate for the 30-year fixed mortgage plummeted below 5 percent to become the lowest since 4.96 percent in January.

According to Freddie Mac, a government-sponsored mortgage agency, the rate for the week ended March 19 was 4.98 percent, which was significantly lower than 5.03 percent of the previous week. The move by the Federal Reserve to pump more dollars into the economy may trigger inflation and can also cause a surge in oil prices.

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