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| July 28, 1998 |
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Treasury bond yields were up slightly Monday as the N.A.R. announcement of existing home sales for June had little effect on credit markets. Sales of previously owned homes dropped 2.3%, which was slightly below expectations but still at a healthy rate. The 30 and 15 year fixed rate mortgage averages remained at 6.83% and 6.53% respectively. The 1 year ARM rate stayed at 5.61%. The benchmark 30 year Treasury bond yield was up to 5.71%. Stocks rebounded from last week's rout, with the Dow Jones Industrial Average closing up over 90 points. |
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