Although the Treasury bond prices firmed on Wednesday, the national fixed rate mortgage averages went up for the second day in a row.
The 30 and 15 year fixed rate mortgage averages climbed to 6.85% and 6.53% respectively. The 1 year ARM rate once again moved down, dropping to 5.64%.
A slight increase in the price of the benchmark 30 year Treasury bond on Wednesday sent its yield down to 5.70%, a decline of one basis point (0.01%). Analysts say that the primary influence on the Treasury bond market continues to be the relative strength of the US dollar against the Japanese yen.
Published: July 16, 1998
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