Mortgage rates sink to record low

Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.Mortgage company Freddie Mac says the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five year mortgages also hit lows.

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