Mortgage Rates Declined in Week

"However, even with the recent erosion in affordability," he said, "homes were still more affordable in April than during the 2005-2007 period of skyrocketing house prices."

That belief was further bolstered by a Commerce Department report on Friday showing that prices for consumer goods outside food and energy rose just 0.1%. Nothaft characterized the change as "timid."

Consumers can check local mortgage rates by visiting the TheStreet.com's sister site, BankingMyWay.com. There, visitors can enter zip codes for the best offerings in their area.