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'hit a record low' is a correct and usable phrase in written English.
You can use it when referring to any situation in which something has decreased to a new lowest point. For example: "The temperature in the city hit a record low last night."
Exact(59)
The Realtors index, which was down 19.2percentt from a year ago, hit a record low of 85.5 in August at the peak of the worldwide credit squeeze.
Arctic sea ice hit a record low this summer.
Well, U.S. borrowing costs have just hit a record low.
The lira hit a record low today and stocks fell.
Mortgage rates hit a record low of 4.78percentnt.
Construction hit a record low in 2011, surpassing a 2010 performance which itself displaced 2009's.
New figures show UK mortgage approvals hit a record low in August.
In August, the Big Three's market share hit a record low.
Hollande had already hit a record low in popularity, so it can hardly get much worse.
February was one such moment, when the index hit a record low of 290 points.
The unemployment rate in Southampton hit a record low of 2percentthis springng.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com