Mortgage rates tumble to new lows

MBA says purchase loan applications fell 36% year-over-year

Rates on three of four types of mortgages tracked in Freddie Mac’s weekly rate survey hit new records for the second week in a row, with 30-year fixed-rate mortgages averaging 4.58 percent with an average of 0.7 point during the week ending July 1.

Rates on 30-year fixed-rate loans are down from 4.69 percent last week and 5.32 percent a year ago, and at a new all-time low in records going back to 1971.