Mortgage rates chart new lows

Economic growth seems to be slowing, inflation remains subdued

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Mortgage rates hit all-time lows this week, but demand for purchase loans is only slightly higher than it was a year ago as tight lending standards and worries about what’s been dubbed the "jobless recovery" continue to weigh on homebuyer demand.

Rates on 30-year fixed-rate mortgages averaged 3.84 percent with an average 0.8 point for the week ending May 3, down from 3.88 percent last week and 4.71 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971, breaking the old record of 3.87 percent set during the first three weeks of February.