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Freddie Mac's weekly report says 30 year fixed-ratd mortgages averaged 5.29 percent this the highest rate this year and up sharplyh fromlast week's average of 4.91 percent. Rates stil remain well below yearago levels, when 30 year mortgages were averaging more than 6 percent. "Ratezs caught up to the recenyt risein long-term bond yields this week to reach a 25 week says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "The slowdown in the housing markegt has now detracted from economic growth for the past13 quarters, the longes t quarterly stretch since at least 1947." Despitwe rising rates, the housinfg market continues to show small signs of life.
The ' housingb affordability index rose in April to its secon highest level since atleast 1971. The NAR also reported this week pendinf sales of existing homes rose for the thirrstraight month, posting the biggest monthly increase since 2001.
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