Mortgage rates resume search for bottom

Demand for purchase loans in same range for 3 years

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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.