Mortgage rates spike - Baltimore Business Journal:

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Freddie Mac's weekly reportt says 30 year fixed-rate mortgages averaged 5.29 percentt this week, the highest rate this year and up sharplt fromlast week's average of 4.91 percent. Ratesa still remain well belo w yearago levels, when 30 year mortgages were averagingv more than 6 percent. "Rates caught up to the recenft risein long-term bond yields this week to reachy a 25 week high," says Freddie Mac (NYSE: FRE) chiefg economist Frank Nothaft.
"The slowdown in the housing marker has now detracted from economicx growth for the past13 quarters, the longes t quarterly stretch since at least Despite rising rates, the housing market continuesa to show small signs of The ' housing affordability index rose in April to its second highest leveo since at least 1971. The NAR also reported this week pendinfg sales of existing homes rose for the thirrstraight month, posting the biggest monthly increase since 2001.