Mortgage rates hit a record low last week,

falling for a fifth consecutive time to an average of 4.71% on a 30-year fixed loan for the week ended Dec. 3, according to a Freddie Mac survey. This was down from the previous week's 4.78% average, which had tied the earlier record low set in April. According to Freddie Mac Chief Economist Frank Nothaft, "Interest rates for 30-year fixed-rate loans are currently 0.8 percentage points below this year's peak set in mid-June, which shaves roughly $100 off the monthly payments on a $200,000 mortgage." To put the low rates in perspective, 30-year rates were at 5.97% about a year ago, and back in 2007, they were approaching 7%.