Industry NewsMortgage

Record low rates spur refis but not sales

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Fixed-rate mortgage rates fell slightly to hit new lows during the week ending July 22, Freddie Mac said in releasing the latest results of its weekly Primary Mortgage Market Survey.The survey showed 30-year fixed-rate loans averaging 4.56 percent with 0.7 point, essentially unchanged from last week's 4.57 percent reading, but down from 5.2 percent a year ago and a new low in records dating to 1971.The 15-year fixed-rate mortgage also hit a low in records dating to 1991, falling from 4.06 percent last week to 4.03 percent with an average 0.7 point. At this time a year ago, those loans averaged 4.68 percent.Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.79 percent with an average of 0.6 point, down from 3.85 percent last week and 4.74 percent a year ago.Rates on 1-year Treasury-indexed ARMs averaged 3.7 percent with an average 0.7 point, down from 3.74 percent last week and 4.77 percent a year ago.Rates surveyed by Freddie Mac are for prime borr...