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Rates on 30 year mortgages plunged last week to the lowest level since January after the government launched a sweeping new effort to aid the U.S housing Market.

Mortgage finance giant Freddie Mac reported Thursday that average rates on 30 year fixed rate mortgages dropped to 5.53 percent in the largest one-week drop in 27 years.  That was down from 5.97 percent last week, and the lowest since the week of Jan 24, when it was at 5.48 percent.