Interest rates for the 30-year fixed-rate mortgage rose by four basis points on average for the week ended April 14, making it four weeks in a row of increases, according to Freddie Mac.
All four rates tracked in the Primary Mortgage Market Survey increased over the previous week, but they are also well below where they stood for the same week in 2010.
Freddie Mac chief economist Frank Nothaft said that even with four weeks in a row of rising rates, they have remained below 5% for eight straight weeks now, "helping to maintain affordability in the housing market.
"Meanwhile, consumer purchases of retail goods rose for the ninth consecutive month in March, suggesting families have an increasing capacity to spend, which bodes well for the economic recovery."
The 30-year FRM had an average rate of 4.91% with an average 0.6 point. This is up from last week when it averaged 4.87%. Last year at this time, the 30-year FRM averaged 5.07%.
There was a three basis point increase in the average rate for the 15-year FRM, to 4.13% from 4.10%. Average points were 0.7. One year ago, this loan averaged 4.40%.
The five-year Treasury-indexed hybrid adjustable rate mortgage had a six basis point increase, to 3.78% (with an average 0.6 point) from 3.72% one week ago. A year ago, it averaged 4.08%.
The one-year Treasury-indexed-ARM averaged 3.25% this week with an average 0.6 point, up three basis points from last week when it averaged 3.22%. At this time last year, it averaged 4.13%.
