Industry NewsMortgage

Mortgage money stays cheap

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Mortgage rates remained at or near record lows this week as investors -- including the Federal Reserve -- continued pouring money into mortgage-backed securities that fund nine out of 10 U.S. home loans.Rates on 30-year fixed-rate mortgages averaged 3.37 percent with an average 0.7 point for the week ending Oct. 18, down from 3.39 percent last week and 4.11 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates for 30-year fixed-rate loans hit an all-time low in Freddie Mac records dating to 1971 of 3.36 percent during the week ending Oct. 4.For 15-year fixed-rate mortgages, which are popular with homeowners refinancing, rates averaged 2.66 percent with an average 0.6 point, down from 2.7 percent last week and 3.38 percent a year ago. That's a new low in records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.75 percent with an average 0.6 point, up from 2.73 percent las...