Industry NewsMortgage

Mortgage rates level off at 2011 lows

Demand for purchase loans, refinancings climbs

Mortgage rates leveled off this week at or near their lows for the year after declining for eight consecutive weeks, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.Low rates appear to have sparked interest in both refinancing and home purchases, according to a separate survey of loan applications conducted by the Mortgage Bankers Association.Freddie Mac's survey showed rates on 30-year fixed-rate mortgages, which last week hit a low for the year of 4.49 percent, averaging 4.5 percent with an average 0.7 point for the week ending June 16.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, before rebounding to their 2011 high of 5.05 percent in February.Rates on 15-year fixed-rate mortgages averaged 3.67 percent with an average 0.7 point -- a new 2011 low, but essentially unchanged from 3.68 percent last week.Rates on 15-year mortgages hit an all-time ...