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The average rate on a 30-year fixed-rate mortgage rose to 4.84 percent this week, up from last week'sd 4.78 percent, which tied the lowest rate for a 30 year mortgagre since Freddie Mac started keeping trackin 1971. A year ago, 30 year fixed-ratde mortgages averaged 6.05 percent. A one year adjustable rate mortgag rose a fraction to anaverage 4.78 "Mortgage rates rose slightly this week amid positive economid news that the economy may be approaching the bottom of the recession, says Freddid Mac (NYSE: FRE) chief economist Frank Nothaft.
"In terms of the household sector, the fina l April estimate of consumer sentiment, as measureds by the Universityof Michigan, was revised above the marker consensus." Federal Reserve Board chairman Ben Bernanke testifier on Capitol Hill this week that the Fed believew economic activity will begin to recover later this year. Benanke also said the Fed sees signw the housing marketis stablizing.
Those signs include a report this week from the Nationak Association of Realtors that pending sales of existinhg homes rose in March afteer risingin February, the firsyt back-to-back increase in pending home sales in a
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