Mortgage rates fall – lowest since October

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By Les Christie  @CNNMoney May 22, 2014: 10:43 AM ETNEW YORK (CNNMoney)

Mortgage rates are at their lowest level since October.

The average rate for a 30-year, fixed-rate loan fell to 4.14% from 4.2% last week, Freddie Mac said Thursday.Interest rates have been pushed down as investors, skittish about the economy, have abandoned stocks for U.S. Treasuries, according to Mike Fratantoni, chief economist for the Mortgage Bankers Association.

But lower mortgage rates have not boosted the housing market.

Applications for mortgages used to purchase homes have been running about 10% behind the pace of a year ago, according to Mortgage Bankers Association stats.

There are several reasons why.

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