Mortgage rates still in free fall

Borrowers stay on sidelines as fixed-rate loans hit new lows for year

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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.