Fixed- and one-year adjustable rate mortgage rates set new record lows in the week ending Sept. 8 in response to the flight-to-safety rally that occurred with the stunningly weak employment report and continued sovereign debt induced anxiety in Europe. 

According to Freddie Mac's weekly survey, the 30-year fixed mortgage rate dropped 10 basis points to 4.12% with an average 0.7 point.  This places the no-point rate at 4.30% and puts 4.5% coupons more into the money.

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