Mortgage rates rose modestly, marking the fourth rise in the past five weeks.

The average 30-year fixed-rate mortgage increased 6 basis points, to 6.19 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- rose 7 basis points, to 5.78 percent. The average jumbo 30-year fixed moved up 6 basis points, to 7.41 percent.

The one-year adjustable-rate mortgage fell 6 basis points, to 6.89 percent. The popular 5/1 ARM slipped 1 basis point, to 5.86 percent.

Mortgage application rose slightly for the week ending May 9, according to the Mortgage Bankers Association. Applications increased a seasonally adjusted 2.9 percent from the week before. Refinancing was up 6.5 percent while new purchases declined by 0.7 percent.

The nation's housing picture continues to look relatively bleak. On Tuesday, the National Association of Realtors reported that housing prices declined 7.7 percent, the biggest year-over-year drop in at least 26 years.

Twenty-eight metro areas saw double-digit drops in median house prices in the 12 months ending in March.

-- Chris Kissell

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