Industry NewsMortgage

Mortgage rates back above 5%

MBA survey shows weak demand for purchase, refinance loans

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Signs that an economic recovery is picking up steam sent mortgage rates surging this week, with 30-year fixed-rate mortgages breaking through 5 percent to their highest level since April 2010, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.A separate survey by the Mortgage Bankers Association suggests rates were already under pressure last week, denting demand for refinance and purchase mortgage applications.According to Freddie Mac's survey, rates on 30-year fixed-rate mortgages averaged 5.05 percent with an average 0.7 point for the week ending Feb. 10, up from 4.81 percent last week and 4.97 percent a year ago.The 30-year fixed-rate mortgage hit a low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11.Rates on 15-year fixed-rate mortgages averaged 4.29 percent with an average 0.7 point, up from 4.08 percent last week but down from 4.34 percent a year ago. The 15-year fixed-rate loan hit a low in records dating...