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Mortgage rates dip again
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June 22, 2000: 3:27 p.m. ET
Home-loan rates ease for fourth consecutive week as economy chills
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NEW YORK (CNNfn) - Mortgage rates took a downturn for the fourth consecutive week in line with other economic indicators that seemed to indicate that the U.S. economy is cooling down, according to a survey released this week by Freddie Mac.
The average rate on a 30-year fixed-rate mortgage (FRM) was 8.14 percent for the week ending June 22, sliding from 8.22 percent a week earlier. The same mortgage was 7.63 percent a year ago.
The average for a fixed-rate 15-year mortgage was 7.85 percent this week, down from 7.91 percent the previous week. A year ago the rate was 7.28 percent.
 A one-year adjustable rate mortgage (ARM) averaged 7.22 percent, edging down from 7.21 percent the previous week. The same mortgage averaged 5.93 percent a year ago.
[Click here to see a breakdown of U.S. mortgage rates by region.]
"The past week continued to show signs that the pace of economic growth is moderating. As a result, there was no upward pressure on long-term rates, like mortgages," said Robert Van Order, chief economist for Freddie Mac. "It remains to be seen whether these trends will convince the Federal Reserve that further credit tightening is unnecessary at its meeting next week."
Freddie Mac (FRE: Research, Estimates), or 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 resells 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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