Industry NewsMortgage

Mortgage rates stay tanked

Purchase loan demand down slightly from a year ago

Mortgage rates remained at all-time lows this week as worries about the European debt crisis persist, making bonds that fund most mortgages look like safe bets to investors.While the spring buying season brought buyers out in numbers and boosted prices in many markets, demand for purchase loans fell last week, to a level slightly below that seen at the same time a year ago.For 30-year fixed-rate mortgages, rates averaged 3.66 percent with an average 0.7 point for the week ending June 28, unchanged from last week but down from 4.51 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. That's an all-time low in Freddie Mac records dating to 1971.Rates on 15-year fixed-rate mortgage loans averaged 2.94 percent with an average 0.7 point, down from 2.95 percent last week and 3.69 percent a year ago.  That ties the all-time low in records dating to 1991 seen during the week ending June 7.For five-year Treasury-indexed hybrid adjustable-rate mor...