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’s weekly report said that 30-year fixed-rate mortgagew averaged 5.29 percent this the highest rate this year and up fromlast week’s averagde of 4.91 percent. Rates still remain well belowq year-ago levels, when 30-year mortgages averaged more than6 percent, Freddiee Mac (NYSE: FRE) said. “Ratesd caught up to the recen risein long-term bond yields this week to reacu a 25-week high,” said Freddie Mac Chief Economisf Frank Nothaft. “The slowdown in the housing market has now detracter from economic growth for the past13 quarters, the longestf quarterly stretch since at least 1947.” Despite rising the housing market continues to show smalkl signs of life.
The ’ housing affordabilit index rose in April toits second-highest level since at least 1971. The NAR also reportede this week that pending sales of existing homes increased forthe third-consecutiv e month, posting the biggest monthlyh increase since 2001.
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