Mortgage rates eased down on Tuesday, while bond yields reversed course and headed up.

A decline in the dollar had a detrimental effect on the bond market. The yield on the 30 year Treasury bond bounced to 5.60%, up from a record low 5.57% on Monday.

Mortgage rates declined, with the 30 year fixed rate average dropping to 6.84%. The 15 year fixed rate declined also to 6.54%, while the 1 year ARM average stayed at 5.69%.

On Wall Street, stocks fell only slightly, marking time in anticipation of the coming flood of earnings announcements. The red-hot Internet sector finally cooled off, with most stocks down and several suffering double-digit percentage losses.

Published: July 8, 1998

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