Industry NewsMortgage

Mortgage rates hardly budge from historic lows

Purchase loan demand sags, but still up 7 percent from year ago

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Rates on the most popular mortgage loans -- those with fixed rates -- moved up slightly this week but remained near historic lows, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.Rates on 30-year fixed-rate mortgage averaged 3.41 percent with an average 0.7 point for the week ending Oct. 25, up from 3.37 percent last week but down from 4.1 percent a year ago. Rates for 30-year fixed-rate loans hit an all-time low in Freddie Mac records dating to 1971 of 3.36 percent during the week ending Oct. 4.For 15-year fixed-rate loans, rates averaged 2.72 percent with an average 0.6 point, up from 2.66 percent last week but down from 3.38 percent a year ago. Last week's average for 15-year fixed-rate loans was an all-time low in Freddie Mac records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.75 percent with an average 0.6 point, unchanged from last week but down from 3.08 percent a year ago. Rates...