Bond prices continued their retreat on Tuesday, while fixed rate mortgage averages edged up.
Despite some positive economic news, a drop in the price of the 30 year Treasury bond lifted its yield to 5.71%. The Consumer Price Index rose only 0.1% in June, while retail sales increased a lower that expected 0.1%.
The recent increase in long bond yields pushed up the 30 and 15 year fixed rate mortgage averages to 6.83% and 6.52% respectively. The 1 year ARM average bucked the trend by dropping to 5.65%.
Stocks surged Tuesday on Wall Street, with the Dow Jones Industrial Average, the S&P 500, and the NASDAQ all closing at record highs.
Published: July 15, 1998
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