Mortgage rates stay low, buyers not biting

Purchase loan demand near 15-year low

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Mortgage rates are hovering not far above record lows set during the first week in October, but demand for purchase loans hit a low last week not seen since 1996, surveys of lenders show.

Freddie Mac’s latest Primary Mortgage Market Survey showed rates for 30-year fixed-rate mortgage (FRM) averaging 4.11 percent with an average 0.8 point for the week ending Oct. 20.