Mortgage rates stay at record lows

Demand dropped off last week

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Rates on 30-year fixed-rate eligible for purchase by Freddie Mac tied a record low this week, averaging 4.78 percent with an average of 0.7 point.

That’s down from 4.80 percent last week and 6.06 percent a year ago, Freddie Mac said, and ties an April 7 low in records going back to 1970.

The 15-year fixed-rate mortgage averaged 4.48 percent this week with an average 0.7 point,