Brake Fluid Leak problems of the 2005 Chevrolet K1500

While slowing down at a stop light I pressed the brake pedal only to have it fall all the way to the floor. I was crusing to a stop light with crossing traffic and was completely terrified at the loss of braking power. I had the idea to put the truck into neutral and jam the emergency brake while honking my horn. The truck slowly came to a stop well within the intersection narrowly missing traffic. I looked under the truck and found brake fluid leaking from the rear near the axle. A mechanic has confirmed this was a burst brake line due to rust and that he see this brake line fail at the same spot on Chevrolet/GMC trucks frequently. This vehicle has frequent car washes with undercarrage rinsing year round.