Mortgage rates fell this week to the lowest level on record. The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, reported mortgage company Freddie Mac. That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows. Many hope that the low rates will give consumers an added incentive to lock in low payments for home purchases and refinanced loans. Hope springs eternal since the tax credit certainly didn't work.