Industry NewsMortgage

Mortgage rates nearing record lows

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The average rate on 30-year fixed-rate mortgages this week continued to fall to near the 5 percent mark, close to the record low seen a month ago, Freddie Mac said. In a separate report, the Mortgage Bankers Association said mortgage applications jumped 45.7 percent for the week ending Feb. 13 compared to the week before. The increase was largely driven by a 64.3 percent surge in applications for refinancings, but applications for purchase loans were also up a seasonally adjusted 9.1 percent. Freddie Mac's weekly Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage falling to 5.04 percent with an average of 0.7 point for the week ending Feb. 19, down from 5.16 percent the previous week and 6 percent a year ago. Since Freddie Mac began conducting the survey in 1971, the 30-year fixed-rate mortgage has never dipped below the 4.96 percent rate seen in mid-January. Mortgage rates followed bond yields lower this week as recent economic reports suggest the ec...