Mortgage rates rise - Sep. 2, 1999

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Mortgage rates rise

September 2, 1999: 2:35 p.m. ET

Inflation jitters pressure rates upward, Freddie Mac says

NEW YORK (CNNfn) - Mortgage rates inched up this week as concerns about inflation resurfaced, mortgage firm Freddie Mac reported Thursday.
     For the week ending Sept.3, the average rate on U.S. 30-year fixed-rate mortgages was 7.83 percent, up from last week's 7.80 percent. One year ago, the rate was 6.82 percent.
     Fifteen-year loan rates climbed to 7.45 percent from 7.43 percent the week before. The rate for these mortgages averaged 6.51 percent for the same period last year.
     One-year adjustable-rate mortgages were 6.18 percent, down from last week's 6.22 percent. A year ago, the rate was 5.51 percent.
     (Click here to see a breakdown of average mortgage rates by U.S. region.)
     Freddie Mac chief economist Robert Van Order blamed inflation jitters.
     "Concerns about inflation are starting to put upward pressure on interest rates again," he said. "Consequently, the results of tomorrow's employment report will directly impact the direction of mortgage interest rates since that report will give the markets an indication of just how strong the economy is."

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