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Mortgage rates fall
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September 28, 2000: 2:56 p.m. ET
Home loan rates not affected by volatility in the bond and stock market
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NEW YORK (CNNfn) - Mortgage rates moved slightly lower despite uneasiness in the bond and stock markets, according to a report released this week by Freddie Mac.
The 30-year fixed-rate mortgage, the industry benchmark, averaged 7.88 percent for the week ending Sept. 29, nearly unchanged from last week's average of 7.90 percent. A year ago it was 7.70 percent.
The average for a fixed-rate 15-year mortgage was 7.53 percent, down from last week's average of 7.57 percent. A year ago the same rate stood at 7.35 percent.
 One-year adjustable-rate mortgages (ARMs) this week averaged 7.21 percent, down from 7.27 percent last week. The same mortgage averaged 6.12 percent a year ago.
[Click here to see a breakdown of U.S. mortgage rates by region.]
"Although there has been some volatility in the bond and stock markets, recent mortgage rates have remained surprisingly stable," said Robert Van Order, chief economist for Freddie Mac. "This stability encourages home buying and home improvement, which filters funds back into the overall economy."
"In fact, today's release of Gross Domestic Product indicates that consumers have been taking advantage of these favorable mortgage rates to buy and improve their homes," Van Order added. "Looking ahead, we see continued affordability and accessibility of housing."
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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Freddie Mac
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