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Mortgage rates steady
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September 21, 2000: 3:50 p.m. ET
With housing market showing signs of cooling down, mortgages stay flat
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NEW YORK (CNNfn) - Mortgage rates for the week ending Sept. 22 remained steady, according to a report released Thursday by Freddie Mac.
The 30-year fixed-rate mortgage, the industry benchmark, averaged 7.9 percent for the week, up just fractionally from last week's 7.88 percent average. The same mortgage was 7.76 percent a year earlier.
The average for a fixed-rate 15-year mortgage was 7.57 percent, down from last week's average of 7.6 percent, but up a bit from the year-ago rate of 7.4 percent.
 One-year adjustable-rate mortgages (ARMs) this week averaged 7.27 percent, down from 7.26 percent last week. The same mortgage averaged 6.19 percent a year ago.
[Click here to see a breakdown of U.S. mortgage rates by region.]
"There were no economic indicators released this week to rattle the markets," said Robert Van Order, chief economist for Freddie Mac. "Inflation hawks, however, are keeping their eyes on oil prices, fearing long-term high prices may spur inflation in the future. But the economy currently shows no sign of inflation, only a slow gradual easing from the boom of the long decade. Similarly, although housing starts increased slightly in August, the housing market also appears to be cooling down."
Freddie Mac (FRE: Research, Estimates), or Federal Home Mortgage Corp., is a publicly traded company that 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 entities, have become increasingly popular as an alternative to government-backed bonds, particularly with international investors. 
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Mortgage rates head south - Aug. 17, 2000
July retail sales rise; producer prices unchanged - Aug. 11, 2000
Mortgage rates slide - Aug. 10, 2000
Mortgage rates sway slightly - Aug. 3, 2000
U.S. new home sales plunge - Aug. 2, 2000
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Freddie Mac
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