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Mortgage Rate Stays Under 7 Pct.

August 27, 1998

WASHINGTON (AP) _ The average interest rate on 30-year fixed-rate mortgages was 6.92 percent this week, unchanged from the week before, mortgage company Freddie Mac said Thursday.

International financial turmoil has prompted global investors to seek the security of U.S. Treasury securities. As a result, Treasury rates have declined, bringing U.S. mortgage rates with them. The average has remained below 7 percent for 11 consecutive weeks. Its highpoint for the year so far, 7.22 percent, came four months ago.

Fifteen-year mortgages, a popular option for refinancing, averaged 6.61 percent, the same as the previous week.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.58 percent, also unchanged.

The rates do not include add-on fees known as points.

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