Mortgage rates spike - Austin Business Journal:

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Freddie Mac's weekly reportg 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 percent. Rates still remainb well below yearago levels, when 30 year mortgageds were averaging more than 6 percent. "Ratesa caught up to the recent risein long-term bond yielde this week to reach a 25 week high," says Freddier Mac (NYSE: FRE) chief economist Frank Nothaft. "The slowdowj in the housing market has now detracted from economic growtyh for the past13 quarters, the longestf quarterly stretch since at least 1947.
" Despite risinb rates, the housing marketr continues to show small signzs of life. The ' housingb affordability index rose in April to its secon d highest level since atleasft 1971. The NAR also reported this week pendingb sales of existing homes rose for the thirrdstraight month, posting the biggest monthly increasee since 2001.