Mortgage rates still in free fall

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Inman Connect San Francisco, Jul 16-20, 2018

Rates on fixed-rate mortgages declined for a seventh week in a row to new lows for the year amid concerns about weak economic and housing data, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.Low rates haven't done much to spur home purchases and there's been no rush to refinance, a separate survey by the Mortgage Bankers Association showed.Freddie Mac's survey showed rates on 30-year fixed-rate mortgages averaged 4.55 percent with an average 0.6 point for the week ending June 2, down from 4.6 percent last week and 4.79 percent a year ago.Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, and hit a 2011 high of 5.05 percent in February.Rates on 15-year fixed-rate mortgages averaged 3.74 percent with an average 0.7 point, down from 3.78 percent last week and 4.2 percent a year ago. Rates on 15-year mortgages hit an all-time low in records dating back ...