Mortgage rates continued a gradual climb this week for the fourth consecutive week, with rates on 30-year fixed-rate mortgages approaching highs for the year registered in February, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.
For the week ending April 14, rates on 30-year fixed-rate mortgage averaged 4.91 percent with an average 0.6 point, up from 4.87 percent last week and 5.07 percent a year ago.
The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11. This year, rates on 30-year fixed-rate loans have ranged from 4.71 percent in early January to a high for the year of 5.05 percent during the week ending Feb. 10.
"Although rates on 30-year fixed mortgages have risen four weeks in a row, they have remained below 5 percent for eight straight weeks now, helping to maintain affordability in the housing market," Freddie Mac Chief Economist Frank Nothaft said in a statement.