By Vicki Needham - 08/11/10 02:50 PM EDT
Home loan applications were nearly flat last week as mortgage rates hit record lows.
Overall applications increased 0.6 percent from a week earlier, the Mortgage Bankers Association said Wednesday. Refinancing applications were up 0.3 percent and loan applications to purchase a house increased 0.3 percent, all seasonally adjusted figures.
Mortgage rates continue to drop to record lows, down to 4.57 percent last week for a 30-year fixed mortgage from 4.6 percent from the previous week, the lowest on the MBA's records, which have been kept since 1990.
The average rate for a 15-year fixed-rate mortgage also dropped to 3.95 percent from 4.03 percent.
Mortgage rates tend to follow the yield of U.S. Treasury bonds, which has lowered since the spring as investors bought Treasurys amid the European debt crisis.