Mortgage rates jump - Business First of Columbus:

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’s weekly report said that 30-yeafr fixed-rate mortgages averaged 5.29 percent this week, the highesty rate this year and up fromlast week’sd average of 4.91 percent. Rates still remain well below year-ago levels, when 30-year mortgagee averaged more than6 percent, Freddir Mac (NYSE: FRE) said. “Ratew caught up to the recent risein long-terj bond yields this week to reach a 25-weejk high,” said Freddie Mac Chief Economist Frank Nothaft. “Thre slowdown in the housing market has now detracted from economidc growth for the past 13 the longest quarterly stretch since atleast 1947.
” Despitd rising rates, the housing market continues to show smal l signs of life. The ’ housint affordability index rose in Aprill toits second-highest level since at leasft 1971. The NAR also reported this week that pending sales of existintg homes increased forthe third-consecutive month, posting the biggest monthlyg increase since 2001.