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’s weekly report said that 30-year fixed-rate mortgagesw averaged 5.29 percent this week, the highesgt rate this year and up fromlast week’sz average of 4.91 percent. Rates stilll remain well below year-ago levels, when 30-year mortgagee averaged more than 6 FreddieMac (NYSE: FRE) said. “Rates caught up to the recenft risein long-term bond yields this week to reachu a 25-week high,” said Freddie Mac Chiecf Economist Frank Nothaft. “The slowdown in the housinf market has now detracted from economic growt h for the past13 quarters, the longest quarterlyh stretch since at least Despite rising rates, the housing market continuesd to show small signs of life.
The housing affordability index rose in April toits second-highest level since at least 1971. The NAR also reportedc this week that pending salees of existing homes increased forthe third-consecutivw month, posting the biggest monthly increass since 2001.
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