Industry NewsMortgage

Mortgage rates settle near lows for the year

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Mortgage rates were little changed this week, remaining near their lows for the year on mixed economic and housing data, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.A separate survey by the Mortgage Bankers Association showed a jump in applications to refinance last week, and that demand for purchase loans was stronger than at the same time a year ago.Freddie Mac's survey showed rates on 30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, virtually unchanged from 4.51 percent last week and 4.56 percent a year ago.The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.Rates on 15-year fixed-rate mortgages averaged 3.66 percent with an average 0.7 point, compared to last week's 2011 low of 3.65 percent and 4.03 percent a year ago.The 15-year ...