ARM rates set new records

Purchase-loan demand still off from last year

Fixed-rate mortgages bounced back slightly this week from last week’s record lows, but rates on adjustable-rate mortgage (ARM) loans have never been lower in records kept by Freddie Mac.

Rates on 30-year fixed-rate mortgage averaged 4.21 percent with an average 0.8 point for the week ending Oct. 21, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. That’s up from 4.19 percent last week and 5 percent a year ago.