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NEW YORK, Dec 24 (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages dropped for an eighth consecutive week, reaching their lowest level in 37 years, according to a survey released on Wednesday by home funding company Freddie Mac.

Interest rates on the 30-year fixed-rate mortgage averaged 5.14 percent, with an average 0.8 point, for the week ending Dec. 24, down from the previous week's 5.19 percent, according to Freddie Mac.

The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.

"Interest rates on 30-year fixed-rate mortgages eased for the eighth straight week and set another record low since Freddie Mac's survey began in 1971," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement