The existing home sales rose once again last month according to the National Association of Realtors (NAR).  Sales increased 7.6% in a monthly comparison with March and 22.8% in an annual comparison with 2009, increasing consumer confidence.

Lawrence Yun, Chief Economist at NAR, stated "The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market. For people who were on the sidelines, there's been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low."

The mortgage rates showed a slight incline from 4.97% in March to 5.10% last month, according to mortgage giant, Freddie Mac.  Freddie Mac collects mortgage rate information from lenders across the nation on a weekly basis, Monday through Friday.  As mortgage rates are closely tied in with long-term treasury bonds the rates could fluctuate significantly, even on a given day.