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Mortgage rates slip
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July 13, 2000: 2:12 p.m. ET
Home loan interest rates retreat in line with weak employment figures
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NEW YORK (CNNfn) - Mortgage rates retreated this week, benefiting from economic data that point to the economy slowing down, according to a report released by Freddie Mac.
Only 11,000 jobs were added to the U.S. economy in June according to economic data released last Friday, considerably less than the 260,000 forecast by Wall Street and the revised 171,000 positions created in May.
The average rate on a 30-year fixed-rate mortgage (FRM) was 8.09 percent for the week ending July 14, easing from 8.16 percent a week earlier. That was the lowest point since Dec. 31, 1999, when it averaged 8.06 percent. The same mortgage was 7.58 percent a year ago.
 The average for a fixed-rate 15-year mortgage was 7.80 percent this week, down from 7.88 percent the previous week. A year ago the rate was 7.19 percent.
A one-year adjustable rate mortgage (ARM) averaged 7.22 percent, inching down from 7.27 percent the previous week. The same mortgage averaged 5.97 percent a year ago.
[Click here to see a breakdown of U.S. mortgage rates by region.]
"Recently released employment figures point solidly towards a slowdown in economic growth. That, in turn, alleviated upward pressure on interest rates, allowing mortgage rates to slip a little more," said Frank Nothaft, deputy chief economist for Freddie Mac.
Freddie Mac (FRE: Research, Estimates), or Federal Home Mortgage Corp., is a publicly traded company the government established 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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