Mortgage rates hit 4-year low

Purchase applications down in latest survey

Rates for 30-year fixed-rate mortgages are at a four-year low this week after a government report of massive layoffs in November pushed bond yields down, Freddie Mac reported.

The 30-year fixed-rate mortgage averaged 5.47 percent with an average 0.7 point for the week ending Dec. 11, down from 5.53 percent last week and 6.11 percent a year ago. The rate hasn’t been lower since March 25, 2004, when it averaged 5.40 percent.