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Mortgage rates edge up
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November 2, 2000: 1:16 p.m. ET
But rates remain below 8% for 12th straight week as market stabilizes
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NEW YORK (CNNfn) - Mortgage rates inched higher but still managed to remain below 8 percent for the 12th consecutive week as financial markets held steady, according to a survey released by Freddie Mac.
The benchmark 30-year fixed-rate mortgage (FRM) averaged 7.73 percent for the week ending Nov. 3, up slightly from last week's average of 7.68 percent. A year ago, the same mortgage averaged 7.84 percent.
The average this week for a 15-year fixed-rate mortgage was 7.41 percent, up from last week's average of 7.22 percent. A year ago, the same rate stood at 7.45 percent.
One-year adjustable-rate mortgages (ARMs) this week averaged 7.12 percent, edging down from last week's average of 7.22 percent. The same mortgage averaged 6.34 percent this time last year.
 [Click here to see a breakdown of U.S. mortgage rates by region.]
"Even though mortgage rates rose this week as financial markets stabilized, rates continued to stay below 8 percent for the twelfth consecutive week," said Robert Van Order, chief economist for Freddie Mac. "Historically, we are still in the midst of a period of very low mortgage rates and very high homeownership.
"In the meantime, we are seeing signs that the economy is slowing, but there is no indication a of recession in the future," he added. "And although housing activity is slowing along with the overall economy, it continues to remain active and healthy as we head into next year."
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 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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