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Personal Finance > Your Home
Mortgage rates slightly up
July 16, 1998: 3:03 p.m. ET

Rate on 30-year mortgages increases slightly from a new six-month low
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NEW YORK (CNNfn) - Mortgage rates this week inched up slightly from a six-month low, with the average rate for a 30-year fixed loan rising .03 percent to 6.94 percent, mortgage company Freddie Mac said Thursday.
     The average for 15-year loans remained the same at 6.60 percent, while one-year adjustable rate mortgages increased .04 percent to 5.64 percent.
     Mortgage rates had hit a new six-month low last week, Freddie Mac said.
     A year ago this week, 30-year mortgages averaged 7.47 percent, 15-year loans 7.01 percent and the one-year adjustable was 5.55 percent.
     "Mortgage interest rates are comparable to the low levels we experienced in 1993," said Robert Van Order, chief economist for Freddie Mac. "And since the latest economic news shows the economy slowing down, these low rates should remain in effect going into the future."
     Lenders charged an average of 1.1 points on all three types of loans, Freddie Mac said.Back to top

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