Home loans in demand as rates chart new lows

Demand for purchase loans up 5 percent from year ago

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Demand for mortgages continues to pick up as rates head deeper into record territory, according to surveys by Freddie Mac and the Mortgage Bankers Association.

Rates on 30-year fixed-rate mortgages averaged 3.40 percent with an average 0.6 point for the week ending Sept. 27, down from 3.49 percent last week and 4.01 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.