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Personal Finance > Your Home
Mortgage rates soar
August 5, 1999: 12:23 p.m. ET

Jump reflects renewed concern over interest rates, Freddie Mac says
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NEW YORK (CNNfn) - Mortgage rates surged amid renewed uncertainty regarding interest rates, mortgage firm Freddie Mac reported Thursday.
     For the week ending Aug. 6, the average rate on U.S. 30-year fixed-rate mortgages was 7.89 percent, up from last week's 7.70 percent. One year ago, the rate was 6.94 percent.
     Fifteen-year loan rates rose to 7.45 percent from 7.29 percent the week before. The rate for these mortgages averaged 6.63 percent for the same period last year.
     One-year adjustable-rate mortgages were 6.09 percent, up from last week's 5.99 percent. A year ago, the rate was 5.61 percent.
     (Click here to see a breakdown of average mortgage rates by U.S. region.)
     Freddie Mac's chief economist Robert Van Order blamed concerns over interest rates for the surge.
     "The bond market has been very volatile in the past week, not sure whether inflation would remain subdued or if it would increase slightly, thus causing the Federal Reserve to tighten credit," he said.
     Van Order emphasized that mortgages remained "very affordable." Back to top

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