Industry NewsMortgage

Mortgage rates resume search for bottom

Demand for purchase loans in same range for 3 years

Mortgage rates hit new lows this week, still searching for a bottom after pausing last week from six consecutive weeks of declines.Rates on 30-year fixed-rate mortgages (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 21, down from 3.71 percent last week and 4.50 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. That's a new low in Freddie Mac records dating to 1971.ForĀ  15-year fixed-rate mortgages, rates averaged 2.95 percent with an average 0.6 point, down from 2.98 percent last week and 3.69 percent a year ago. Rates for 15-year loans -- a popular refinancing option -- hit an all-time low in records dating to 1991 of 2.94 percent the week ending June 7.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.77 percent with an average 0.6 point, down from 2.80 percent last week and 3.25 percent a year ago. That's a new low in records dating to 2005.For 1-year Trea...