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Data provider CoreLogic said Tuesday that home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for 30-year mortgages dipped to 0.7 point from 0.8 point last week. The fee for 15-year loans was unchanged at 0.7 point. The average rate on a one-year adjustable-rate mortgage rose to 2.58 percent from 2.54 percent. The fee for one-year adjustable-rate loans declined to 0.4 point from 0.5. The average rate on a five-year adjustable-rate mortgage jumped to 2.74 percent from 2.66 percent. The fee held steady at 0.5.
[Associated
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