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Mortgage Rates Edge Down

July 8, 1999

WASHINGTON (AP) _ The average interest rate on 30-year fixed-rate mortgages, which has been rising for two months, edged down to 7.65 percent this week.

The average was down from 7.71 percent last week, according to a weekly survey released Thursday by Freddie Mac, the mortgage company.

Mortgages rates have been on an upward climb for the past two months and have fluctuated from their low for this year of 6.74 percent set at the end of January to a high of 7.71 percent set last week.

Fifteen-year mortgages, a popular option for refinancing, averaged 7.30 percent this week, down from the average of 7.34 percent last week.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.96 percent this week, down from 6.05 percent the previous week.

The rates do not include add-on fees known as points, which averaged at or just over 1 percent of the loan amount for all three types of mortgages.

Separately, the Mortgage Bankers Association reported on Wednesday that mortgage loan applications rose 2.6 percent last week even though mortgage rates had crept up in the same week.

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