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Mortgages rates still rising
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November 5, 1998: 2:52 p.m. ET
Freddie Mac says 30-year fixed rate could hit 7 sometime soon
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NEW YORK (CNNfn) - Mortgage rates continued their upward trek this week, mortgage firm Freddie Mac said Thursday.
For the week ending Nov. 6, the rate on U.S. 30-year fixed mortgages rose to an average 6.89 percent from last week's 6.83 percent. Fifteen-year loans also climbed to an average 6.50 percent from 6.48 percent the week before.
One-year adjustable rate mortgages, too, were slightly higher at an average 5.48 percent, up from last week's 5.42 percent. A year ago, interest rates on 30-year mortgages were 7.24 percent, 15-year rates were 6.80 percent, and adjustables came in at 5.48 percent.
"Although we see the 30-year mortgage rate inching back up to 7 percent in the very near future, we continue to call for an active, robust housing market in the future," said Freddie Mac chief economist Robert Van Order.
He added that it would have cost $250 more per month to get a $100,000 30-year fixed-rate mortgage in October 1988, compared with today.
Freddie Mac said lenders charged an average 0.9 percent in fees and points on 30- and 15-year mortgages, both unchanged from last week. They also charged 0.9 percent on the adjustables, also unchanged the prior week.
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