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Personal Finance > Your Home
Mortgage rates remain steady
April 22, 1999: 5:33 p.m. ET

30-year fixed mortgage jumps slightly to 6.88 percent; 15-year rate at 6.51 percent
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NEW YORK (CNNfn) - The cost of borrowing to buy a home remained relatively unchanged this week, mortgage firm Freddie Mac said Thursday.
     For the week ending April 23, the average rate on U.S. 30-year fixed mortgages inched up to 6.88 percent from last week's 6.87 percent. A year ago, rates averaged 7.15 percent.
     Fifteen-year loans also were only slightly changed, averaging 6.51 percent from 6.47 percent the week before. The rate for these mortgages averaged 6.78 percent for the same period last year.
     One-year adjustable rate mortgages remained steady at 5.56 percent. A year ago, the rate was 5.64 percent.
     Robert Van Order, chief economist for Freddie Mac, said these rate bode well for the housing market.
     "Interest rates remain low, the economy is still strong with high unemployment and little or no inflation, (these are) all the necessary ingredients for a continuation of the robust housing market," Van Order said. Back to top

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