Prices surged on Treasury bonds on Friday driving the yield on the benchmark 30 year issue down to a record low 5.43%. Mortgage rate averages declined on Friday leaving them slightly lower for the week.
The 30 year fixed rate mortgage average closed the week at 6.80%, a 0.01% drop from the previous week. The 15 year fixed rate average was down the same 0.01% to 6.50%. The one year ARM average was at 5.60%, also a 0.01% decline for the week.
After being down over 250 points at one point Friday morning, the Dow Jones Industrial Average closed off 77.76 points. Despite the setback, the Dow ended the week at 8533.65, a gain of over 100 points from the previous week's close.
Published: August 21, 1998
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