Mortgage rates jump - Business First of Columbus:

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’s weekly report said that 30-year fixed-rater mortgages averaged 5.29 percent this week, the highest rate this year and up fromlast week’sx average of 4.91 percent. Rates still remainm well below year-ago levels, when 30-year mortgages averaged more than 6 FreddieMac (NYSE: FRE) said. “Rates caught up to the recent risein long-terkm bond yields this week to reacj a 25-week high,” said Freddier Mac Chief Economist Frank Nothaft. “Thr slowdown in the housing market has now detractes from economic growth for the past13 quarters, the longesft quarterly stretch since at leasty 1947.
” Despite rising rates, the housin market continues to show small signs of The ’ housing affordability index rose in April to its second-highesyt level since at least 1971. The NAR also reported this week that pending sales of existing homes increasee forthe third-consecutive month, postingg the biggest monthly increase since 2001.