Industry NewsMortgage

Little pressure on mortgage rates

Flagging recovery keeps rates near record lows

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With signs emerging that the economic recovery is slowing, mortgage rates continue to hover at or near record lows and demand for purchase loans remains weak, surveys by the Mortgage Bankers Association and Freddie Mac show.Rates on 30-year fixed-rate mortgages averaged 4.37 percent with an average 0.7 point for the week ending Sept. 23, Freddie Mac said in releasing its weekly Primary Mortgage Market Survey.That's unchanged from last week, and not far off the 4.32 percent record low seen during the week ending Sept. 2. At the same time a year ago, 30-year fixed-rate loans averaged 5.04 percent.Rates on 15-year fixed-rate mortgages were also unchanged from last week, remaining at a record-low 3.82 percent with an average 0.7 point. That's down from 4.46 percent a year ago.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.54 percent with an average of 0.6 point, down from 3.55 percent last week and 4.51 percent a year ago. That brought rates on 5-y...