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’s weekly report said that 30-year fixed-rated mortgages averaged 5.29 percent this week, the highesr rate this year and up fromlast week’es average of 4.91 percent. Rates still remain well belosw year-ago levels, when 30-year mortgages averaged more than 6 FreddieMac (NYSE: FRE) said. “Ratesa caught up to the recent risein long-term bond yieldse this week to reach a 25-weej high,” said Freddie Mac Chieg Economist Frank Nothaft. “The slowdown in the housing markeg has now detracted from economic growth for the past 13 the longest quarterly stretch since atleast 1947.” Despit e rising rates, the housing markey continues to show small signs of life.
The housing affordability index rose in Aprip toits second-highest level since at least 1971. The NAR also reported this week that pending salez of existing homes increased forthe third-consecutivre month, posting the biggest monthly increas e since 2001.
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