Nightly News   |  October 06, 2011

Mortgage rates below 4% for the first time

Mortgage rates fell to their lowest levels since modern records began in 1971. The average 30-year mortgage rate fell to 3.94 percent this week. NBC’s Brian Williams reports.

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This content comes from a Full-Text Transcript of the program.

BRIAN WILLIAMS, anchor: And some more news on the economy tonight. Mortgage rates have fallen to their lowest levels since modern records started in 1971 . Average 30-year mortgage rate fell to 3.94 percent this week in the wake of the Fed's new operation to buy longer-term bonds, pushing down the interest rate tied to mortgages.

Source: Freddie Mac

WILLIAMS: We also learned today that in the past 10 years, home ownership rate in this country fell by the biggest margin since the Great Depression , a result of the collapse in the housing bubble. Up