Mortgage rates rose for their fourth straight week for the week ending April 14. According to Freddie Mac, 30-year fixed mortgage rates averaged 4.91% with an average 0.6 point versus 4.87% last week.
Rates are at their highest level since Feb. 24. With the no-point rate above 5%, 4.5% credit-eligible coupons and lower, along with a portion of 5%s, remain outside of the refinancing window. This factor should pressure refinancing activity.