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No change for mortgages
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August 27, 1998: 1:33 p.m. ET
Mortgage rates stay steady, but Freddie Mac predicts a dip next week
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NEW YORK (CNNfn) - Mortgage interest rates didn't budge this week, but they'll likely be a bit lower next week, mortgage firm Freddie Mac said Thursday.
For the week ending Aug. 28, the rate on U.S. 30-year fixed mortgages stayed unchanged at an average 6.92 percent. Fifteen-year loans also were steady at an average 6.61 percent.
One-year adjustable rate mortgages, too, came in at 5.58 percent, unchanged from last week.
A year ago, the 30-year rate averaged 7.58 percent, the 15-year 7.12 percent and the one-year adjustable 5.62 percent.
"Interest rates have not been this low for this long since we started doing our weekly survey in 1971," Freddie Mac chief economist Robert Van Order said. "And it is our expectation that the mortgage rates will be even lower next week."
On Wednesday, the National Association of Realtors said U.S. July existing home sales rose 4.0 percent to a record seasonally adjusted annual rate of 4.93 million units.
Freddie Mac said lenders charged an average 1.1 in fees and points on all loans, unchanged from last week.
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