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Mortgage rates remain flat
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April 1, 1999: 12:38 p.m. ET
30-year fixed rate holds steady at 6.98 percent, 15-year falls to 6.58 percent
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NEW YORK (CNNfn) - The cost of buying a home in the U.S. remained unchanged this week as lenders reacted to signs of a moderate industry slowdown, mortgage firm Freddie Mac reports.
The 30-year fixed rate mortgage averaged 6.98 percent, with an average 0.9 points for the week ended Apr. 2, 1999. That's unchanged from a week ago, and down from 7.15 percent last year.
The 15-year fixed rate this week came in at 6.58 percent, also with an average 0.9 point, but down from last week's average of 6.61 percent. During the same week last year, the 15-year rate averaged 6.79 percent.
At the same time, the 1-year Treasury-indexed adjustable mortgage rate, or ARM, averaged 5.65 percent, with average points of 0.9. Last week's average was 5.69 percent, and the year-ago average was 5.68 percent.
"Mortgage rates are holding steady, which is good news for borrowers," said Michael R. McCabe, director of industry analysis for Freddie Mac. "And 1999 is shaping up to be another great year for housing, even though the industry is showing some signs of easing from the torrid pace of 1998."
He added inflation and wage growth remain stable and the said the "U.S. economy keeps chugging along at a very comfortable speed."
Earlier this week, the Commerce Department reported the sale of new-homes dropped 2 percent in February, largely because of record housing prices.
Sales of new single-family houses in February dipped to a seasonally adjusted annual rate of 881,000, down from 899,000 in January. Analysts had predicted sales of at least 912,000 units for February.
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