Mortgage rates were little changed on Wednesday, while the issuance of several new Treasury and corporate issues was blamed for another drop US Treasury bonds.

The price of the benchmark 30 year Treasury closed down 7/32, raising the yield to 5.62%. The Producer Price Index for June is scheduled to be announced on Friday but is not expected to significantly impact interest rates.

The 15 year fixed rate mortgage average dropped to 6.53%. The 1 year ARM rate was lower as well, moving down to 5.68%, while the 30 year fixed rate average was unchanged at 6.84%.

Stocks jumped on Wednesday as both the S&P 500 and the NASDAQ closed at record highs. The Dow Jones Industrial Average was up over 89 points. Bucking the broader market, Internet stocks fell for a second day on profit taking. Yahoo's announcement after the bell of significantly higher than expected earnings and a 2-for-1 stock split sent shares of that and other "Internet portal" stocks soaring in after-hours trading.

Published: July 9, 1998

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