Industry NewsMortgage

Mortgage rates bounce back

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Mortgage rates bounced back this week but remained below 5 percent for borrowers with good credit and 20 percent down payments, Freddie Mac said in releasing the results of its weekly survey of lenders.Applications for conventional purchase mortgages are up 22 percent since the end of February, and demand for refinancings is up 129 percent, Freddie Mac said, citing data from the Mortgage Bankers Association.Freddie Mac said 30-year fixed-rate mortgages averaged 4.87 percent with an average of 0.7 point for the week ending April 9, up from 4.78 percent a week ago and 5.88 percent a year ago.The 15-year fixed-rate mortgage averaged 4.54 percent with an average 0.7 point, up from 4.52 percent last week and 5.42 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.93 percent with an average 0.7 point, up from 4.92 percent last week and 5.56 percent a year ago.One-year Treasury-indexed ARMs averaged 4.83 percent with an average 0.5 point, up from ...