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Mortgage rates edge up
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March 29, 2001: 4:20 p.m. ET
But rates remain stable relative to the continued stock market instability
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NEW YORK (CNNfn) - As U.S. markets continued their roller coaster ride this week, mortgage rates remained stable and upcoming economic numbers may help determine whether this oasis of stability can be sustained.
According to Freddie Mac's Primary Mortgage Market Survey released on Thursday, 30-year mortgage rates went up slightly this week. For the week ending March 30, 2001, the 30-year fixed rate mortgage (FRM) averaged 6.91 percent, up slightly from 6.89 percent a week earlier. At this time last year the rate stood at 8.23 percent.
The average for the 15-year FRM this week is 6.46 percent, also up slightly from last week's 6.44 percent. A year ago the same rate stood at 6.76 percent.
One-year Treasury-indexed adjustable-rates mortgages (ARMs) averaged 6.19 percent, down from last week's 6.22 percent. The ARM rate last year was 6.76 percent. This week's rates are the lowest they've been since October 1, 1999, when they stood at 6.12 percent.
(Click here for a regional breakdown of mortgage rates)
"Over the last several weeks mortgage rates have been fairly stable and very low, due to a lack of news that would push them one way or the other," said Robert Van Order, chief economist for Freddie Mac.
"Tomorrow's figures for consumer spending and personal income may shed more light on the health of the economy and the direction of mortgage rates in the future," continued Van Order.
Freddie Mac (FRE: Research, Estimates) or Federal Home Loan 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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