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August 21, 2014

Record-low interest rates save Minn. taxpayers millions of dollars

School districts, cities and counties in Minnesota are saving tens of millions of dollars in borrowing costs by refinancing old bonds, the Pioneer Press reports. The South Washington County School District is among the government organizations reaping the benefits of historically low interest rates. The district alone has saved more than $14 million since 2001.

Last week, mortgage buyer Freddie Mac said the average rate on a fixed 30-year home loan is 3.59 percent — slightly above the record low 3.49 percent set earlier this summer, the Associated Press reports.