Industry NewsMortgage

Rates on ARM loans set new lows

Fixed-rate mortgages also near bottom for 5th straight week

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Adjustable-rate mortgage loans hit new lows this week and fixed-rate mortgages remained near historic lows for a fifth consecutive week, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans falling by a seasonally adjusted 0.8 percent from the week before.The MBA's Weekly Mortgage Applications Survey for the week ending Nov. 25 -- which also included an adjustment to account for the Thanksgiving holiday -- showed demand for purchase loans was down 18.2 percent from the same week a year ago.Freddie Mac's survey showed rates on 30-year fixed-rate mortgage (FRM) averaging 4 percent with an average 0.7 point for the week ending Dec. 1, up from 3.98 percent last week but down from 4.46 percent a year ago.Rates on 30-year fixed-rate loans hit a 2011 high of 5.05 percent in February, before falling to an all-time low in records dating to 1971 of 3.94 pe...