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| July 20, 1998 |
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Treasury bond yields continued their upward trend last Friday while mortgage rate averages stayed steady. The yield on the 30 year US Treasury increased to 5.74% on Friday, a 12 basis point (0.12%) increase for the week. The 30 year fixed rate mortgage average ended the week at 6.86%, unchanged on Friday, but up 0.04% for the week. The 15 year fixed rate average stayed at 6.54% while the 1 year ARM was up to 5.63% Friday, which was still a decline of 0.04% for the week. Once again, the Dow Jones Industrial Average, the S&P 500 Index and the NASDAQ Composite all closed the week in record territory, with the Dow gaining 232.79 points to close at 9,337.97. |
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