In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 4.78 percent for the week ending April 28, 2011.
That is down from the previous week when it averaged 4.80 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 5.06 percent.
Mortgage rates followed Treasury bond yields lower amid weak local economic data reports on business conditions and house prices. Declining home prices and a high level of foreclosures continue to affect housing tenure decisions.
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