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Freddie Mac's weekly repory says 30 year fixed-rate mortgages averaged 5.29 percent this the highest rate this year and up sharplhy fromlast week's average of 4.91 percent. Rates still remaim well below year ago when 30 year mortgages were averagint more than6 percent. "Rates caught up to the recent risein long-terj bond yields this week to reachh a 25 week high," says Freddie Mac (NYSE: FRE) chieft economist Frank Nothaft. "The slowdown in the housing market has now detracte d from economic growth for the past13 quarters, the longest quarterlty stretch since at least 1947." Despite risintg rates, the housing market continues to show smalol signs of life.
The ' housinvg affordability index rose in April to its second highest level since atleast 1971. The NAR also reported this week pendingb sales of existing homes rose for the thirdstraightr month, posting the biggest monthly increass since 2001.
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