Mortgage rates stay below 5 percent...

Long-term mortgage rates edged higher this week, but remained below 5 percent for the fourth consecutive week.

Freddie Mac says a 30-year fixed-rate mortgage averaged 4.99 percent in the week ending March 25, up from 4.96 percent last week. A year ago, 30 year mortgages averaged 4.85 percent.

A one year adjustable rate mortgage averaged 4.20 percent, up from 4.12 percent last week.

"Mortgage rates inched up slightly this week as bond yields rose even further," said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.

Low mortgage rates failed to help the housing market in February, as winter snowstorms dampened demand for both new and existing homes. The Commerce Department reported Wednesday new home sales last month fell 2.2 percent from January.

Existing home sales, which account for 90 percent of all sales transactions, continue to outperform the new home market. Sales of existing homes fell 0.6 percent in February, according to the National Association of Realtors, but were up 7 percent from a year earlier.

The Austin Board of Realtors earlier this week said home sales here increased 4 percent year-over-year in February and properties are spending less time on the market.

Courtesy of ABJ