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Mortgage rates remain steady
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May 27, 1999: 1:28 p.m. ET
Rates little changed as housing market remains robust, Freddie Mac reports
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NEW YORK (CNNfn) - Mortgage rates experienced little movement this week, mortgage firm Freddie Mac reported Thursday.
For the week ending May 28, the average rate on U.S. 30-year fixed mortgages was unchanged at 7.23 percent. A year ago, rates averaged 7.07 percent.
Fifteen-year loans hit their highest levels since May 1998, climbing slightly to 6.84 percent from 6.83 percent the week before. The rate for these mortgages averaged 6.72 percent for the same period last year.
One-year adjustable rate mortgages fell to 5.73 percent from 5.76 percent. A year ago, the rate was 5.70 percent.
Freddie Mac's deputy chief economist said the housing market continues to be strong.
"With mortgage rates low and consumer confidence high, Freddie Mac economists expect the housing market to remain strong in the months ahead," Frank Nothaft said.
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