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Mortgage rates rose again
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December 29, 1999: 2:55 p.m. ET
Rates higher amid continuing inflation fears, reports Freddie Mac
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NEW YORK (CNNfn) - Mortgage rates rose again this week as fears of inflation did not subside, loan reseller Freddie Mac reported Wednesday.
The 30-year fixed-rate mortgage averaged 8.06 percent, up from 7.96 percent last week. That is well above last year’s rate, when the same mortgage averaged 6.83 percent.
The average 15-year fixed-rate mortgage was also higher at 7.66 percent, up from last week’s 7.57 percent. That mortgage averaged a 7.57 percent rate 12 months ago.
But the one-year adjustable-rate mortgage fell, dropping to 6.56 percent this week compared with 6.64 percent last week, but up from 5.63 percent a year ago.
(Click here to see a breakdown of the average mortgage rates by U.S. region).
"Over the last month or so, the continuation of a strong economy has kept fears of inflation alive and well as we come into the new year,” said Robert Van Order, chief economist for Freddie Mac. "Although these fears have caused mortgage rates to inch higher over the last seven weeks, the housing industry remains in excellent health as 1999 closes.”
Van Order said he anticipates a robust housing industry in the year ahead. 
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