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's weekly report says 30 year fixed-rate mortgages averaged 5.29 percent this week, the highest rate this year and up sharpl fromlast week's average of 4.91 Rates still remain well below year-agl levels, when the interest rates on 30-yeatr mortgages were averaging more than 6 "Rates caught up to the recent rise in long-termm bond yields this week to reachu a 25 week high," says Freddie Mac (NYSE: FRE) chied economist Frank Nothaft. "Thew slowdown in the housing market has now detracteed from economic growth for the past13 quarters, the longesft quarterly stretch since at least 1947.
" Despite risinf rates, the housing market continue to show small signs of The ' housing affordibilityt index rose in April to its secondd highest level since at least 1971. The NAR also reporterd this week that pending sales of existingt homes rose for the thirdrstraight month, posting the biggest monthly increased since 2001.
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