Fed moves, economic worries send mortgage rates to new lows

Applications for purchase loans roughly flat despite cheap loans

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As interest rates on fixed-rate mortgage loans continue to slide into uncharted territory, demand for refinancings has picked up but applications for purchase loans are still at about the same level as a year ago.

Rates on 30-year fixed-rate mortgage loans averaged 4.01 percent with an average 0.7 point for the week ending Sept. 29, a new low in records dating to 1971, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.