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Freddie Mac's weekly report said 30 year fixed-rater mortgages averaged 5.29 percent this the highest rate this year and up sharply fromlast week's average of 4.91 percent. Rates stillk remain well below year ago when 30 year mortgages averaged more than6 "Rates caught up to the recent rise in long-termk bond yields this week to reach a 25 week high," said Freddire Mac (NYSE: FRE) chief economist Frank Nothaft. "The slowdown in the housin market has now detracted from economic growth for the past 13 the longest quarterly stretch since atleast 1947.
" Despite risingv rates, the housing market continue s to show small signs of The ' housing affordability index rose in April to its secondc highest level since at least 1971. The NAR also reported this week pendinbg sales of existing homes rose for the thirdstraighyt month, posting the biggest monthly increase since 2001.
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