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| July 30, 1998 |
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Stocks and bonds continued down as concern about the domestic political situation deepens. In addition, some analysts are predicting that the economy may actually be contracting in the 3rd quarter. Against that backdrop, the yield on the benchmark 30 year Treasury bond increased to 5.76% on Wednesday despite the US dollar's gain against the Japanese yen. Stocks continued their downward trend, with the Dow Jones Industrial Average falling almost 20 points to 8914.96 Fixed rate mortgage averages were unchanged, with the 30 year and 15 year rates at 6.85% and 6.54% respectively. The 1 year ARM rate continues to drop, ending at 5.57% on Wednesday. |
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