Mortgage rates stay low
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December 18, 1997: 1:51 p.m. ET
Freddie Mac survey finds mortgage rates continue to slide to low levels
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NEW YORK (CNNfn) - Mortgage interest rates continued to fall this week to the lowest level in 22 months, mortgage firm Freddie Mac said Thursday, keeping the housing market very attractive to home buyers.
Thirty-year fixed rate mortgages fell to an average 7.07 percent from 7.17 percent, the lowest since 6.94 percent the week of Feb. 16, 1996.
Mortgage rates peaked at 8.18 percent in April after the Federal Reserve tightened monetary policy. A year ago, the 30-year fixed rate mortgage averaged 7.74 percent.
Fifteen-year mortgages, often used for refinancing, slid to 6.65 percent from last week's average of 6.72 percent, Freddie Mac said.
Another option available to home buyers is an adjustable-rate mortgage. One year adjustable-rate mortgages averaged 5.51 percent this week, almost unchanged from last week's 5.52 percent.
These rates don't include add-on fees known as points.
Freddie Mac chief economist Robert Van Order said there's a good chance interest rates will rise over the next week, but only slightly.
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Freddie Mac
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