My Real Estate Blog

30-year fixed-rate mortgage averaged 4.91% with an average 0.6 point for the week ending April 14, 2011, up from last week when it averaged 4.87%. Last year at this time, the 30-year averaged 5.07%.  

15-year this week averaged 4.13% with an average 0.7 point, up from last week when it averaged 4.10%. A year ago at this time, the 15-year averaged 4.40%.  

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.78% this week, with an average 0.6 point, up from last week when it averaged 3.72%. A year ago, the 5-year averaged 4.08%.

Mortgage rates edged up following a light week of economic data releases. Although rates on 30-year fixed mortgages have risen four weeks in a row, 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.

Reinforcing this notion, the Federal Reserve reported in its April 13th regional economic review that consumer spending picked up modestly in February and March across most Districts. In addition, it noted that economic activity generally continued to improve and that reports focusing on the near-term outlook were most often upbeat.