Mortgage rates stabilize - Jul. 22, 1999

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Mortgage rates stabilize

July 22, 1999: 12:35 p.m. ET

30-year rate drops slightly to 7.52 percent as economy slows down

NEW YORK (CNNfn) - Mortgage rates fell for the third week in a row as signs of a small slowdown in the economy emerged, mortgage firm Freddie Mac reported Thursday.
     For the week ending July 23, the average rate on U.S. 30-year fixed-rate mortgages was 7.52 percent, slightly down from last week's 7.58 percent. One year ago, the rate was 6.96 percent.
     Fifteen-year loan rates slipped to 7.16 percent from 7.19 percent the week before. The rate for these mortgages averaged 6.63 percent for the same period last year.
     One-year adjustable-rate mortgages were 5.97 percent, unchanged from last week. A year ago, the rate was 5.65 percent.
     (Click here to see a breakdown of average mortgage rates by U.S. region.)
     "Amid signs of a small slowdown in the economy, mortgage rates seem to be stabilizing around 7.5 percent," said Robert Van Order, chief economist at Freddie Mac. "However, after Federal Reserve Chairman Greenspan spoke this morning at his scheduled appearance long rates began to rise, so we will probably see a little higher rates next week."

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