Mortgage rates fall again; 30-year at 4.19%

Alan Zibel-AP Real Estate Writer

WASHINGTON — Rates on 30-year mortgages fell to 4.19%, the lowest level in decades, pushed down by lower Treasury note yields.

Investors are buying up Treasurys in anticipation of a move by the Ferderal Reserve designed to lower mortgage rates and yields on corporate debt.

As a result, the average rate for 30-year fixed loans dropped to the lowest level on records dating back to 1971. It's down from 4.27% the previous week.

Rates have mostly fallen since spring as investors shifted money into the safety of Treasurys. That demand lowers their yields, which mortgage rates tend to track.