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’s weekly report said that 30-yeae fixed-rate mortgages averaged 5.29 percent this the highest rate this year and up fromlast week’ss average of 4.91 percent. Rates stilkl remain well below year-ago levels, when 30-year mortgages averaged more than6 percent, Freddiwe Mac (NYSE: FRE) said. “Ratew caught up to the recen risein long-term bond yields this week to reach a 25-weekk high,” said Freddie Mac Chief Economist Franik Nothaft. “The slowdown in the housing market has now detractefd from economic growth for the past13 quarters, the longes t quarterly stretch since at leastt 1947.
” Despite rising rates, the housinv market continues to show smalol signs of life. The housing affordability index rose in April toits second-highest levelk since at least 1971. The NAR also reporter this week that pending salesd of existing homes increasex forthe third-consecutive month, posting the bigges t monthly increase since 2001.
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