Both mortgage rate averages and Treasury bond yields finished lower last week.

The 30 year fixed rate mortgage average ended the week at 6.83%, a 0.03% drop for the week. The 15 year fixed rate average was at 6.53% down only 0.01%. The 1 year ARM rate dropped 0.02% for the week to end at 5.61%.

Bond yields inched up on Friday, leaving the benchmark 30 year Treasury issue at 5.68%. That was still a 6 basis point decline for the week. Existing home sales are expected to be announced on Monday.

Stocks were mixed on Friday, but still way down for the week. Even though the Dow Jones Industrial Average closed up over 4 points on Friday, a 400 point drop for the week marked its worst weekly decline ever.

Published: July 27, 1998

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