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Mortgage rates turn back
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March 18, 1999: 1:00 p.m. ET
30-year fixed mortgages reverse course and go back down to 7.01%
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NEW YORK (CNNfn) - Mortgage rates, which had risen steadily in recent weeks, reversed course this week, mortgage firm Freddie Mac said Thursday.
For the week ending March 19, interest rates on a 30-year fixed-rate mortgage averaged 7.01 percent, down from last week's 7.11 percent. One year ago, rates averaged 7.08 percent.
Rates on 15-year fixed-rate mortgages also fell, dropping back to an average 6.64 percent from last week's 6.75 percent, Freddie Mac said. The rate for these mortgages averaged 6.70 percent one year ago.
Robert Van Order, chief economist for Freddie Mac, said current market volatility shouldn't alter mortgage rates any time soon.
He did, however, point out some downsides. "We did see housing starts down in February and applications for mortgages are down in March, indicating the housing market is starting to slow down," said Van Order.
"But the slowdown is from such high levels, 1999 will still be a prosperous year for the mortgage industry."
Freddie Mac said lenders charged an average 0.9 percent in points and fees on a 30-year fixed rate mortgage this week while 15-year FRM's had an average 0.8 points charged during that time. 
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