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Mortgage rates decline
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April 8, 1999: 2:15 p.m. ET
30-year fixed rate dips to 6.92 percent as inflation fears ebb, Freddie Mac says
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New York (CNNfn) - Mortgage rates fell this week, with the 30-year fixed mortgage rate averaging 6.92 percent, down 6 basis points from last week's average of 6.98 percent, Freddie Mac said Thursday. A year ago, the rate averaged 7.09 percent.
For the week ended April 9, rates on the 15-year fixed-rate mortgage also dropped, falling to an average of 6.53 percent, off 5 basis points from 6.58 percent the week before. A year ago, these mortgages averaged 5.68 percent.
Freddie Mac linked the drop to an easing of inflation fears, which often leads to lower interest rates.
"Last week's employment report, which showed disappointing new job growth, indicating the economy may be slowing, cooled the market's fear of inflation," said Michael R. McCabe, director of industry analyst for Freddie Mac. "As a result, interest rates - including mortgage rates - fell slightly this week."
Looking ahead, McCabe said next week's rates will likely be influenced by Producer Price Index and Consumer Price Index figures.
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