The average rate on a 30-year, fixed-rate mortgage dropped to 5.14 percent last week to a new record low, according to Freddie Mac.  A year ago, the rate was 6.17 percent for a comparable loan.  As a result, mortgage applications last week jumped to the highest level in five years, with more than 80 percent of the applications for refinancings.  There also was an 11 percent increase in applications for home purchase loans.

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