Reported by Star-Bulletin staff & wire
Thursday, May 13, 1999
30-year mortgages rise to 7.1 percent
WASHINGTON -- The average interest rate on 30-year, fixed-rate mortgages was 7.10 percent this week, up from 7.02 percent last week, Freddie Mac, the mortgage company said today. So far this year, rates have fluctuated between 6.74 percent at the end of January and 7.11 percent in mid-March. Fifteen-year mortgages averaged 6.71 percent this week, up from 6.61 percent. One-year, adjustable-rate mortgages averaged an initial rate of 5.71 percent, up from 5.68 last week.
Old Navy sales fit well with The Gap
SAN FRANCISCO -- Specialty clothing retailer The Gap Inc. said fiscal first-quarter profit rose 49 percent as shoppers snapped up drawstring pants and other casual fashions at its Old Navy chain. Net income rose to $202.4 million, or 34 cents a share, from $136.1 million, or 22 cents, a year earlier. Gap beat by 2 cents the average estimate of analysts polled by First Call Corp.
In other news . . .
WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide Inc., the world's largest owner of hotels, said first-quarter profit almost doubled as it raised prices and reduced expenses at its Sheraton and Westin chains.