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That plan could drop interest rates to 4 percent for a home mortgage. Interest rates are at the lowest point since the 1970s and, if Republicans have their way, they will drop even more. As of the first of February, the interest rate for a 30 year fixed rate home mortgage was 5. 1 percent. Those who support the plan believe the lower interest rates will encourage buyers to jump into the market, while freeing up extra monthly savings for them to spend elsewhere.