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Fed Moves Could Drive Rates to New Lows
 
Mortgage Daily reported that Rates look to be going down to record lows...
Mortgage rates recently fell to their lowest levels on record. But potential moves discussed Thursday by a Federal Reserve Board governor could have new records on the horizon.On Thursday, Oct. 6, Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.94 percent -- the lowest level ever recorded by the secondary lender.Interest rates have since drifted higher.But there is a good chance that they could head lower again if Fed Governor Daniel K. Tarullo has his way.In a prepared speech for the World Leaders Forum at Columbia University in New York, Tarullo pointed to persistently high unemployment as the biggest problem facing an economic recovery. He explained households built up debt that seemed manageable before the housing bubble burst. But as housing prices have since declined, that debt now appears burdensome."Without more effective efforts to address the manifold problems affecting the housing market, there is a good chance that the recovery will lack strong momentum for some time to come," Tarullo stated.He countered arguments by some that Fed monetary policy has gone too far by noting that the Federal Open Market Committee is required by the Federal ... more

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