Fixed mortgage interest rates have hovered at record lows for a third straight week. Interest rates are likely to fall even further now that the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.

The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent last week, according to Freddie Mac. That's the lowest rate seen since 1951. The average rate on the 15-year mortgage ticked down to 3.29 percent. Economists say that's the lowest rate ever for the loan.

A drop in mortgage rates could provide some help to the economy if more people would refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend, thus boosting the economy overall.

But many homeowners with good jobs and stable finances have already refinanced in the past year. The average rate on the 30-year fixed loan fell to 4.17 percent last November, and to 4.15 percent last month. Both were previous lows.

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