Mortgage rates continued to rise this week, reaching their highest level in more than a decade. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before. It is the seventh consecutive week of increases and is significantly higher than the 2.97% average last year. The last time rates reached this level was in April 2010, when they hit 5.21%. While springtime is typically the busiest home-buying season, the upswing in rates has caused some volatility in demand. It continues to be a seller's market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.