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Mortgage rates dip
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April 15, 1999: 1:20 p.m. ET
30-year rate falls to 6.87 percent as inflation fears persist
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NEW YORK (CNNfn) - The cost of borrowing to buy a home in the U.S. dropped this week, mortgage firm Freddie Mac reported Thursday.
For the week ended April 16, the 30-year fixed mortgage rate averaged 6.87 percent, down from last week's 6.92 percent. A year ago, the rate averaged 7.17 percent.
Rates on the 15-year fixed-mortgage also fell, down to 6.47 percent from last week's average 6.53 percent. A year ago, these mortgages averaged 6.81 percent.
Freddie Mac cited low inflation for the decline in rates.
"Mortgage rates continue to stay low on news that inflation remains tame," said Robert Van Order, the firm's chief economist. "However, even though inflation is low, there is some concern the economy is stronger than expected."
The economist expects mortgage rates to remain at or near current levels in the foreseeable future. 
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