The flight to safety as a result of the crisis in Japan sent mortgage rates tumbling in the week ending March 17.

Freddie Mac reported 30-year fixed mortgage rates fell 12 basis points to 4.76% with an average 0.7 point, its lowest level since mid-January. This places the no-point rate in the 4.94% area, which should contribute to a boost in refinancing activity as more 5% coupons come into the refinancing window. 

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