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Economic worries push mortgage rates to new lows

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Mortgage rates probed new lows this week as growing worries about the strength of the economic recovery raises the prospects that the Federal Reserve will approve another round of quantitative easing.Rates on 30-year fixed-rate mortgages averaged 3.49 percent with an average 0.7 point for the week ending July 26, down from 3.53 percent last week and 4.55 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That's a new low in Freddie Mac records dating to 1971.For 15-year fixed-rate mortgages, rates averaged 2.8 percent with an average 0.7 point, down from 2.83 percent last week and 3.66 percent a year ago. That's a new low in records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.74 percent with an average 0.6 point, up from 2.69 percent last week but down from 3.25 percent a year ago. Last week's rate for five-year ARMs was an all-time low in records dating to 2005.For on...