Mortgage rates spike – Austin Business Journal:

Freddie Mac’s weekly report says 30 year fixed-rater mortgages averaged 5.29 percent this week, the highest rate this year and up sharplty fromlast week’s average of 4.91 Rates still remain well beloaw year ago levels, when 30 year mortgages were averagingv more than 6 percent. "Rates caughr up to the recent risein long-term bond yielda this week to reach a 25 week says Freddie Mac (NYSE: FRE) chieft economist Frank Nothaft. "The slowdown in the housing market has now detractedf from economic growth for the past 13 the longest quarterly stretch sincew atleast 1947." Despite rising rates, the housing markety continues to show smallp signs of life.
The ‘ housing affordability index rose in April to its secon d highest level since atleast 1971. The NAR also reportes this week pending sales of existing homes rose for the thir dstraight month, posting the biggest monthly increase since 2001.
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