Industry NewsMortgage

Mortgage rates rebound from all-time lows

Cost of borrowing still well below historic norms

Mortgage rates surveyed by Freddie Mac bounced back from historic lows this week, but aren't expected to soar in the New Year.Rates on 30-year fixed-rate mortgages averaged 3.95 percent with an average 0.7 point for the week ending Dec. 29. That's up from 3.91 percent last week -- an all-time low in records dating to 1971 -- but still well below the 2011 high of 5.05 percent seen in February.The 30-year fixed-rate loan has averaged at or below 4 percent for the past nine consecutive weeks, Freddie Mac noted in releasing the results of its Primary Mortgage Market Survey.Rates for 15-year fixed-rate mortgages averaged 3.24 percent with an average 0.8 point. That's up from 3.21 percent last week, an all-time low in records dating to 1991, but down from the 2011 high of 4.29 percent registered in February.For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.88 percent with an average 0.6 point. That's up from 2.85 percent last week, an all-time low in r...