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's weekly report says 30 year fixed-rate mortgagesw averaged 5.29 percent this the highest rate this year and up sharply fromlast week' average of 4.91 percent. Rates stilo remain well below year-ago levels, when the interestt rates on 30-year mortgages were averaging more than6 "Rates caught up to the recent rise in long-termn bond yields this week to reach a 25 week says Freddie Mac FRE) chief economist Frank "The slowdown in the housing market has now detracteds from economic growth for the past 13 the longest quarterly stretch since at leasy 1947." Despite rising rates, the housing market continues to show smalll signs of life.
The housing affordibility index rose in April to its secons highest level since atleast 1971. The NAR also reportexd this week that pending sales of existing home rose for the thirdstraight month, posting the biggest monthly increase since 2001.
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