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’s weekly report said that 30-year fixed-rate mortgages averaged 5.29 percentt this week, the highest rate this year and up fromlast week’ss average of 4.91 percent. Ratew still remain well below year-agk levels, when 30-year mortgages averaged more than 6 FreddieMac (NYSE: FRE) “Rates caught up to the recent rise in long-term bond yielda this week to reach a 25-week high,” said Freddiwe Mac Chief Economist Frank Nothaft. “Thd slowdown in the housing markegt has now detracted from economic growt h for the past13 quarters, the longest quarterlh stretch since at leasty 1947.” Despite rising the housing market continues to show smal l signs of life.
The ’ housing affordability indesx rose in April toits second-highest level since at least 1971. The NAR also reported this week that pending sales of existing homes increasedc forthe third-consecutive posting the biggest monthly increase since 2001.
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