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Mortgages rates inch up
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November 12, 1998: 1:15 p.m. ET
Stable bond market keeps rates steady, but Fed meeting could cause shakeup
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NEW YORK (CNNfn) - Interest rates will remain mostly steady until the Fed's Open Market Committee meeting on Nov. 17, despite a slight creep up this week, mortgage firm Freddie Mac said Thursday.
For the week ending Nov. 13, the rate on U.S. 30-year fixed mortgages rose to an average 6.93 percent from last week's 6.89 percent. Fifteen-year loans also climbed to an average 6.57 percent from 6.50 percent the week before.
One-year adjustable rate mortgages, too, were slightly higher at an average 5.56 percent, up from last week's 5.48 percent. A year ago, interest rates on 30-year mortgages were 7.23 percent, 15-year rates were 6.78 percent, and adjustables came in at 5.53 percent.
"Mortgage rates are remaining fairly steady, due largely to the recent stabilization in the bond market," Freddie Mac chief economist Robert Van Order said.
On Friday the Labor Department will issue U.S. October producer prices. Next week the department will issue U.S. October consumer prices while the Commerce Department will report on October housing starts.
Freddie Mac said lenders charged an average 1.0 percent in fees and points on 30-year, 15-year and adjustable mortgages, all up from 0.9 percent the prior week.
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