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Mortgage rates sag to new lows

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Mortgage rates continued to plumb new depths this week, but demand for purchase loans remains down from a year ago, lender surveys show.All types of mortgages tracked by Freddie Mac hit new lows during the week ending Jan. 12, the company said in releasing its latest Primary Mortgage Market Survey.Rates on 30-year fixed-rate mortgages, which have been below 4 percent for six weeks in a row, hit a new low this week in records dating to 1971. The 30-year fixed-rate mortgage averaged 3.89 percent with an average 0.7 point, down from 3.91 percent last week and 4.71 percent a year ago.For 15-year fixed-rate mortgages, rates averaged 3.16 percent with an average 0.8 point, down from 3.23 percent last week and 4.08 percent a year ago. Rates on 15-year loans, popular for refinancing, have never been lower since Freddie Mac began tracking them in 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.82 percent with an average 0.7 point, down from 2.86 p...