Mortgage rates rise for fourth straight week

Low mortgage rates may motivate buyers.After falling in the aftermath of the earthquake in Japan, mortgage rates now have steadily risen for four consecutive weeks, according to Freddie Mac, giving added urgency for those looking at Houston homes.The mortgage giant says during the week ending April 14, the average rate for 30-year fixed rate mortgages was 4.91 percent, up from 4.87 the week before. However, it's still well below interest rates seen in past years.”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,” said Frank Nothaft, vice president and chief economist for Freddie Mac.The report also said that interest rates for 15-year FRMs and both baseline adjustable-rate loans increased slightly as well.Moving quickly could also help those in the Houston real estate market get a loan before prices rose further. Data from the Houston Association of Realtors shows the average price for local properties has beaten its year-ago value every month since May 2010.Courtesy of 2M Realty News

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