Industry NewsMortgage

Mortgage rates stay at record lows

Demand dropped off last week

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Rates on 30-year fixed-rate mortgages eligible for purchase by Freddie Mac tied a record low this week, averaging 4.78 percent with an average 0.7 point.That's down from 4.8 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,  unchanged for the third week in a row but down from 5.59 percent a year ago. It's the lowest the 15-year fixed-rate mortgage has been since Freddie Mac began tracking those loans in August, 1991.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.8 percent with an average 0.6 point, down 4.85 percent last week and 5.73 percent a year ago. That's the lowest the 5-year ARM has been since Freddie Mac began tracking it in January 2005.One-year Treasury-indexed ARMs averaged 4.77 percent with an average 0.7 point, down from 4.82 percent last week and 5.29 percent a year ago.Those rates ...