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Personal Finance > Your Home
Mortgage rates up again
May 13, 1999: 12:59 p.m. ET

Cost of loans higher, but Freddie Mac predicts stability ahead
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NEW YORK (CNNfn) - Mortgage rates crept up for the fourth consecutive week, mortgage firm Freddie Mac reported Thursday.
     For the week ending May 14, the average rate on U.S. 30-year fixed mortgages climbed to 7.10 percent from last week's 7.02 percent. A year ago, rates averaged 7.19 percent.
     Fifteen-year loans also were higher, averaging 6.71 percent, up from 6.61 percent the week before. The rate for these mortgages averaged 6.82 percent for the same period last year.
     One-year adjustable rate mortgages climbed to 5.71 percent from 5.68 percent. A year ago, the rate was 5.71 percent.
     Freddie Mac's deputy chief economist Frank Nothaft said rates are unlikely to climb much higher.
     "Mortgage rates will likely continue at or below current levels in the coming weeks since we continue to see no change in inflation," Nothaft said. "In fact, today's release of the Producer Price Index showed the economy is growing with little sign of an inflation pick-up, which should calm some jitters."
     Nothaft expects rates to remain low and stable into the summer. Back to top

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