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To: long-gone who wrote (29792)	3/11/1999 9:35:00 PM
From: goldsnow	Respond to of 116845

Mortgage Rates Reach 10-Month High Thursday, 11 March 1999 W A S H I N G T O N (AP) THE AVERAGE interest rate on 30-year fixed-rate mortgages rose for a sixth consecutive week, to 7.11 percent, the highest level in 10 months, Freddie Mac, the mortgage company, said Thursday. The average this week, up from 7.06 percent last week, was the highest since mid-May and marked a significantly higher level than the 6.74 percent average at the end of January. The average reached a 31-year low of 6.49 percent in early October as worried world investors poured money into U.S. financial markets. Economists attribute the recent climb to strong demand in the economy. Fifteen-year mortgages, a popular option for refinancing, averaged 6.75 percent this week, also the highest since mid-May and up from 6.70 percent last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.88 percent, up from 5.74 percent the previous week and the highest in nearly two years. The rates do not include add-on fees known as points, which averaged 0.8 percent of the loan amount for each type of mortgage.