(WSYR-TV) — Mortgage rates just hit another low this week.

On Tuesday, the Federal Reserve announced an emergency rate cut and slashed the benchmark interest rate range down to 1 percent to 1.25 percent.

That cut, along with a rock bottom 10-year treasury yield and continued coronavirus fears, means mortgage rates could be poised to head even lower.

According to the mortgage company Freddie Mac, the average 30-year fixed-rate mortgage fell to a record 3.29 percent this past week.

That is the lowest level in the nearly 50 years of the Freddie Mac survey.

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