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Mortgage rates climb
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October 28, 1999: 6:13 p.m. ET
Home loans higher amid continued inflation concerns, says Freddie Mac
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NEW YORK (CNNfn) - Mortgage rates continued their upward trend this week, mortgage firm Freddie Mac reported Thursday.
The rate on a 30-year, fixed-rate mortgage averaged 7.96 percent for the week ending Oct. 29, up from 7.93 percent last week and more than a full point ahead of a year earlier, when the 30-year fixed rate was pegged at 6.83 percent.
The average for the 15-year fixed-rate mortgage also moved higher, to 7.57 percent from 7.53 percent last week. The rate was 6.48 percent at the same time last year.
Adjustable-rate mortgages climbed as well. The average one-year adjustable rate mortgage is at 6.35 percent, up slightly from 6.30 percent a week ago and 5.42 percent one year ago.
(Click here to see a breakdown of average mortgage rates by U.S. region.)
Robert Van Order, Freddie Mac's chief economist, blamed continuing concerns over inflation for the rise, but he remained optimistic about the future.
"The good news, of course, is that although gross domestic product for the third quarter soared to 4.8 percent, the employment cost index rose only 0.8 percent, an indication inflation remains low," he said.
Van Order suspects that data will keep mortgage interest rates around their current levels toward the new year.
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