Freddie Mac's weekly mortgage rate survey reported new record lows set for 30- and 15-year fixed-rate mortgages as well as 5/1 hybrid ARM rates. 

The 30-year rates averaged 4.27% with an average 0.8 point, down five basis points from last week. This places the no-point rate at 4.47% and gives 4.5% coupons — which have underlying borrowers with strong FICOs and LTVs — a decent incentive for refinancing.

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