Reported by Star-Bulletin staff & wire
Thursday, November 5, 1998
Mortgage rates rise to 6.89%
WASHINGTON -- The benchmark U.S. mortgage rate rose this week, while holding below 7 percent for the 21st consecutive week, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage rose to 6.89 percent this week from last week's 6.83 percent, Freddie Mac said.The latest report also showed the average rate on a one-year, adjustable mortgage rose to 5.48 percent this week from 5.42 percent last week; and the 15-year mortgage rate went to 6.50 percent from 6.48 percent.
NYSE trading curbs to kick in at 2%
NEW YORK -- The New York Stock Exchange revised its curbs on program trading to kick in when the Dow Jones industrial average rises or falls 2 percent. The percentage will be calculated quarterly.Currently, the curbs go into effect when the Dow rises or falls 50 points from the previous day's close. The rule change must be approved by the Securities and Exchange Commission.
In other news . . .
MEMPHIS, Tenn. -- The union representing Federal Express Corp. pilots began sending out strike authorization ballots today while accusing the cargo airline of breaking off negotiations. The ballot count is set for the first week in December.
See expanded coverage in today's Honolulu Star-Bulletin.
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