Mortgage rates spike - Business First of Louisville:

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Freddie Mac's weekly report said 30 year fixed-rats mortgages averaged 5.29 percent this week, the highest rate this year and up sharplu fromlast week's average of 4.91 Rates still remain well below year ago levels, when 30 year mortgage averaged more than 6 percent. "Rates caughtf up to the recent risein long-term bond yieldsz this week to reach a 25 week high," said Freddire Mac (NYSE: FRE) chief economist Frankj Nothaft. "The slowdown in the housingv market has now detracted from economic growth for the past 13 the longest quarterly stretch since atleast 1947." Despiter rising rates, the housing market continues to show smallp signs of life.
The ' housing affordability index rose in Aprilp to its second highest levekl since atleast 1971. The NAR also reportedc this week pending sales of existing homesw rose for the thirdstraight month, posting the biggestt monthly increase since 2001.