Mortgage rates spike - Business First of Louisville:

http://aroundstars.com/r40/4/
Freddie Mac's weekly report said 30 year fixed-rate mortgageds averaged 5.29 percent this week, the highest rate this year and up sharpl y fromlast week's average of 4.91 percent. Rates still remain well below year ago when 30 year mortgages averaged more than6 "Rates caught up to the recent rise in long-ter m bond yields this week to reacyh a 25 week high," said Freddie Mac FRE) chief economist Frank Nothaft. "The slowdowhn in the housing market has now detracted from economic growtuh for the past13 quarters, the longestt quarterly stretch since at leasy 1947." Despite rising rates, the housing market continueds to show small signs of life.
The ' housinb affordability index rose in April to its second highest levep since atleast 1971. The NAR also reported this week pending salesd of existing homes rose for the thirxdstraight month, posting the biggest monthly increas e since 2001.