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Mortgages rates seesaw
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October 29, 1998: 2:26 p.m. ET
Strength in foreign capital markets causes increase in 30-year rate
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NEW YORK (CNNfn) - Mortgage rates crept up again this week after pausing for a slight dip last week, mortgage firm Freddie Mac said Thursday.
For the week ending Oct. 30, the average rate on U.S. 30-year fixed mortgages rose to an average 6.83 percent from last week's 6.73 percent. Fifteen-year loans also climbed to an average 6.48 percent from 6.34 percent the week before.
One-year adjustable rate mortgages, too, were slightly higher at an average 5.42 percent, up from last week's 5.37 percent.
A year ago, interest rates on 30-year mortgages were 7.21 percent, 15-year rates were 6.76 percent, and adjustables came in at 5.46 percent.
"Rates increased a little this week primarily because of strength in foreign capital markets," said Freddie Mac chief economist Robert Van Order. "And, although sales of existing homes were off a bit, they were off from tremendously high levels."
He added, "Economists continue to see affordable interest rates and a thriving housing market well into the coming year."
Freddie Mac said lenders charged an average 0.9 percent in fees and points on 30-year,15-year and adjustable-rate mortgages.
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