Mortgage Rates Sink to Lowest Level on Record!!!

This week, mortgage rates fell to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinances.

Freddie Mac states the average rate for 30-year fixed loans sank to 4.69%, from 4.75% last week.

That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71% was set in December 2009. Rates for 15-year and five year mortgages also hit lows.