Yesterday the rates on 30 year mortgage hit a record low the second straight week in a row causing refinancing applications to surge to the highest level in over five years. The rates on a 30 year fixed mortgages dropped to a staggering 5.14% this week down from the prior record of 5.19%. This is the lowest rate recorded since Freddie Mac's weekly mortgage rates survey they began in April 1971. For a 15 year fixed-rate mortgage the average rate dropped to 4.91%. According to the mortgage bankers Association application index surged 48% in the week ending December 19


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