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.