Mortgage rate averages were up on Tuesday as were Treasury bond yields.

According to analysts, the prospect of Monica Lewinski's testimony under immunity against President Clinton weighed on both the stock and credit markets on Tuesday. Prices fell 1/2 point on the benchmark 30 year Treasury bond, pushing the yield up to 5.74%. The Dow Jones Industrial Average was down over 212 points at one point, but rebounded to close down 93 at 8934.78. The NASDAQ suffered an even larger percentage decline, dropping 1.9%.

Last week's uptick in T-bond yields pushed the 30 and 15 year fixed rate mortgage averages up to 6.85% and 6.54% respectively. The 1 year ARM rate dropped to 5.58% .

Published: July 29, 1998

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