Mortgage rates fall, but so does demand

Purchase-loan activity drops 34% from a year ago

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Mortgage rates set new lows this week, but bargain rates haven’t spurred borrowers into action, two surveys of lenders show.

Freddie Mac’s weekly rate survey showed 30-year fixed-rate mortgages hitting 4.44 percent for the week ending Aug. 12, a new low in records dating back to 1971.