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Mortgage rates stay low
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August 6, 1998: 2:59 p.m. ET
Freddie Mac says housing industry will hold up even in economic slowdown
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NEW YORK (CNNfn) - Continuing low mortgage interest rates will keep the housing industry strong even if the rest of the economy slows, mortgage firm Freddie Mac said Thursday.
For the week ending Aug. 7, the rate on U.S. 30-year fixed mortgages fell to an average 6.94 percent from 6.97 percent last week, while 15-year loans also slipped to 6.63 percent from 6.64 percent.
One-year adjustable rate mortgages were also down, dropping to an average 5.61 percent from 5.62 percent. A year ago, the 30-year rate averaged 7.46 percent, the 15-year 7.00 percent and the one-year adjustable 5.53 percent.
"Mortgage rates have not changed much these last few months, remaining at very affordable levels," Freddie Mac chief economist Robert Van Order said. "This has contributed to keeping the housing industry strong, even while the overall economy slows."
Freddie Mac said lenders charged an average 1.1 in fees and points on 30-year and 15-year loans, unchanged from last week. Fees and points on one-year adjustable loans also averaged 1.1, down slightly from last week.
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