Rate on 30-year fixed mortgage rises to 4.91%

Source: Associated Press/AP Online
Publication date: April 14, 2011

NEW YORK – The rate on the 30-year fixed mortgage rose for the fourth straight week, but still remains below 5 percent.Freddie Mac says the average rate on the 30-year loan rose to 4.91 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed mortgage increased to 4.13 percent from 4.10 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

The housing market continues to suffer despite low mortgage rates. Job worries, tight credit standards and a high number of foreclosures are sidelining potential buyers. The number of homes repossessed by banks jumped 13 percent in March from the month before, the highest increase in a year.

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