Industry NewsMortgage

Low rates sparking demand for mortgages

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Mortgage rates were little changed this week amid mixed economic reports, Freddie Mac said in releasing the results of its weekly survey of lenders.A separate survey by the Mortgage Bankers Association showed demand for both purchase mortgages and refinancings jumped last week, with many homeowners moving into 15-year loans as rates stayed near historic lows.Freddie Mac's Primary Mortgage Market Survey showed rates on 30-year fixed-rate mortgages averaging 3.99 percent with an average 0.7 point for the week ending Nov. 10. That's essentially unchanged from last week's average of 4 percent, and not far above the all-time low in records dating to 1971 of 3.94 percent seen during the week ending Oct. 6. At this time a year ago, rates on 30-year fixed-rate mortgages averaged 4.17 percent before climbing to a 2011 high of 5.05 percent in February.Rate on 15-year fixed-rate mortgages averaged 3.3 percent this week with an average 0.8 point, about the same as last week's average of 3.31 perce...