Industry NewsMortgage

Mortgage rates hold steady again near 2011 lows

Demand for purchase loans up from year ago

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Mortgage rates held steady this week, remaining at or near their 2011 lows for the second week in a row, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.A separate survey by the Mortgage Bankers Association showed demand for purchase loans dropped slightly last week, but that applications were still up from a year ago.Freddie Mac's survey showed rates on 30-year fixed-rate mortgages averaging 4.5 percent with an average 0.8 point for the week ending June 23 -- unchanged from last week and just a hair above the 4.49 percent low for the year seen during the first week of June.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 a 2011 high of 5.05 percent in February. At this time a year ago, the 30-year mortgage averaged 4.69 percent.Rates on 15-year fixed-rate mortgages averaged 3.69 percent this week with an average 0.7 point, up slightl...