Industry NewsMortgage

Mortgage rates bounce off lows

Freddie Mac: Applications up last week

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Rates on mortgages eligible for purchase by Freddie Mac bounced back slightly from last week's record lows, but remain well under 5 percent.The 30-year fixed-rate mortgage averaged 4.84 percent with an average 0.7 point this week, up from 4.78 percent a week ago but down from 6.05 percent a year ago, Freddie Mac said in releasing results of its weekly survey of lenders.The 15-year fixed-rate mortgage averaged 4.51 percent with an average 0.7 point, up from 4.48 percent last week but down from 5.6 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.9 percent, with an average 0.6 point, up from 4.8 percent last week but down from 5.67 percent a year ago.One-year Treasury-indexed ARMs averaged 4.78 percent with an average 0.6 point, up from 4.77 percent last week but down from 5.29 percent a year ago.Rates and fees are for borrowers with good credit making 20 percent down payments. Borrowers making smaller down payments or taking out loans too ...