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Freddie Mac's weekly report says 30 year fixed-rate mortgages averaged 5.29 percent this the highest rate this year and up sharpluy fromlast week's average of 4.91 Rates still remain well below year ago levels, when 30 year mortgagews were averaging more than 6 percent. "Rates caughy up to the recent risein long-term bond yieldsz this week to reach a 25 week high," says Freddire Mac (NYSE: FRE) chief economist Franmk Nothaft. "The slowdown in the housiny market has now detracted from economic growtu for the past13 quarters, the longestr quarterly stretch since at least 1947." Despite rising the housing market continues to show small signa of life.
The ' housing affordabilit y index rose in Aprilo to its second highest level since atleas 1971. The NAR also reported this week pending sales of existinfg homes rose for the thirdstraight month, posting the biggest monthly increase since 2001.
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