Mixing 60-70% lead zirconate titanate with 40-30% lead iron tantalate produces a single-phase, low-loss, room-temperature multiferroic with magnetoelectric coupling: (PbZr0.53Ti0.47O3) (1-x)- (PbFe0.5Ta0.5O3)x. The present study combines x-ray scattering, magnetic and polarization hysteresis in both phases, plus a second-order dielectric divergence (to epsilon = 6000 at 475 K for 0.4 PFT; to 4000 at 520 K for 0.3 PFT) for an unambiguous assignment as a C2v-C4v (Pmm2-P4mm) transition. The material exhibits square saturated magnetic hysteresis loops with 0.1 emu/g at 295 K and saturation polarization Pr = 25 μC/cm2, which actually increases (to 40 μC/cm2) in the high-T tetragonal phase, representing an exciting new room temperature oxide multiferroic to compete with BiFeO3. Additional transitions at high temperatures (cubic at T>1300 K) and low temperatures (rhombohedral or monoclinic at T<250 K) are found. These are the lowest-loss room-temperature multiferroics known, which is a great advantage for magnetoelectric devices.