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Mortgages remain firm
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March 30, 2000: 3:00 p.m. ET
Stock market volatility, stable mortgage rates make housing a good investment
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NEW YORK (CNNfn) - Mortgage rates continued to stand their ground for the third consecutive week, according to a survey released by Freddie Mac Thursday.
The average rate on a 30-year fixed-rate mortgage was 8.23 percent for the week ending March 31, unchanged from the week earlier.
A year ago, the same mortgage stood at 6.98 percent.
The average for a 15-year fixed-rate mortgage held steady at 7.84 percent. also unchanged. Twelve months ago the same rate averaged 6.58 percent.
A one-year adjustable rate mortgage (ARM) averaged 6.76 percent down slightly from 6.78 the previous week.
 "New and existing home sales figures were released this week, and although new home sales were lower than last month, overall sales are a sign the housing market continues to be in a remarkably robust state of health," said Robert Van Order, Freddie Mac chief economist.
"In the meantime, the volatility in the stock market and the stability of mortgage rates, coupled with growing consumer incomes and an overall excellent economy, continue to make housing an attractive investment," he added.
[Click here to see a breakdown of U.S. mortgage rates by region.]
Freddie Mac (FRE: Research, Estimates), or the Federal Home Mortgage Corp., is a publicly traded company the government set up in 1970 to provide a flow of funds to mortgage lenders.
It buys mortgages from banks, bundles them, and then sells them as mortgage-backed securities. Its products and the products of other similar agencies have become increasingly popular as an alternative to government-backed bonds, particularly with international investors. 
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