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Mortgage rates still climbing
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February 25, 1999: 12:11 p.m. ET
30-year, 15-year and one-year loans all up; month-long streak continues
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NEW YORK (CNNfn) - The cost of buying a home this week edged up for the fourth consecutive week, as mortgage rates continue their ascent, Freddie Mac reported Thursday.
For the week ending Feb. 26, interest rates on 30-year fixed loans averaged 6.89 percent, up fractionally from last week's 6.82 percent. Fifteen-year loans climbed to 6.51 percent from last week's average of 6.46 percent.
And one-year adjustable rates averaged 5.71 percent, up from last week's 5.67 percent.
Lenders charged an average 1 point in fees and points on all three types of loans.
During the same week last year, 30-year fixed rates averaged 7.09 percent, the 15-year rate averaged 6.69 percent and the one-year stood at 5.65 percent.
"Mortgage rates are indeed following Treasuries up, as they followed them down earlier," said Robert Van Order, chief economist for Freddie Mac. "This should translate into slightly higher mortgage rates in the coming weeks, but we think they will still be at comfortably low levels into the second quarter."
While a modest slowdown in the red-hot housing market is underway, Van Order said, the still buoyant economy and affordable interest rates have helped keep the housing market performing well so far this year.
That's evidenced by the 0.8 percent surge in existing home sales last month, reported Thursday by the National Association of Realtors.
The association reported a seasonally adjusted annual sales rate of 5.07 million units in January, up 16 percent from the rate of 4.37 million units recorded a year ago, and beating analysts' expectations of 4.92 million units. 
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