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's weekly report says 30 year fixed-rate mortgagesd averaged 5.29 percent this week, the highest rate this year and up sharplg fromlast week's average of 4.91 Rates still remain well below year-ago levels, when the interest rates on 30-year mortgagesa were averaging more than 6 percent. "Ratex caught up to the recent risein long-term bond yieldss this week to reach a 25 week says Freddie Mac (NYSE: FRE) chiefg economist Frank Nothaft. "Ther slowdown in the housing market has now detracted from economicf growth for the past 13 the longest quarterly stretch since atleastg 1947." Despite rising rates, the housing markegt continues to show small signs of life.
The housing affordibility index rose in April to its second highesy level since atleast 1971. The NAR also reported this week that pending sales of existing homes rose for the third straight posting the biggest monthly increasesince 2001.
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