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Personal Finance > Your Home
Mortgage rates rise slightly
April 29, 1999: 1:22 p.m. ET

30-year fixed rate climbs to 6.93 percent amid inflation fears, Freddie Mac says
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NEW YORK (CNNfn) - Mortgage rates rose slightly this week, with the 30-year fixed mortgage rate averaging 6.93 percent, up from last week's average of 6.88 percent, Freddie Mac said Thursday.
     A year ago, the rate averaged 7.22 percent.
     For the week ended April 30, rates on the 15-year fixed-rate mortgage also inched up, climbing to an average of 6.55 percent, up from 6.51 percent the week before. A year ago, these mortgages averaged 6.85 percent.
     Robert van Order, chief economist at Freddie Mac, said inflation fears pushed rates up.
     "Further evidence this week of a strong economy raised fears of inflation, nudging rates up a little this week," Van Order said. "However, employment cost figures released today show that inflation is well in check and suggests the overall economy remains healthy."
     New home sales figures also indicate the housing sector of the economy continues to operate at "near record levels," Van Order added. Back to top

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