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.