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WASHINGTON — Rates on 30-year mortgages fell to 5.1 percent, and borrowers took advantage of the drop, sending new applications soaring.
With the Federal Reserve on the verge of pouring hundreds of billions of dollars into the devastated U.S. housing market, mortgage rates have plunged to the lowest level since Freddie Mac started tracking the data in April 1971.
Meanwhile, mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans.
