Mortgage rate averages and Treasury bond yields were steady on Wednesday as the two day rally in stock prices stalled. The Commerce Department announced that the rate of U.S. housing starts jumped to an 11 year high in July, increasing 5.7%.
Once again, the 30 year fixed rate mortgage average stayed at 6.81%. The 15 year fixed rate average remained at 6.51%. The 1 year adjustable rate mortgage average did fall slightly to 5.61%.
The 30 year benchmark Treasury yield closed unchanged at 5.55% after trading higher for much of the day.
After gaining nearly 300 points over the previous two sessions, the Dow Jones Industrial Average closed down 21.73 points. Broader market averages were down slightly as well.
Published: August 20, 1998
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