graphic
graphic  
graphic
Personal Finance > Your Home
graphic
Mortgage rates rise slightly
Long-term rates make modest gains this week, held steady by market uncertainty; ARM dips slightly.
September 12, 2002: 11:28 AM EDT

NEW YORK (CNN/Money) - Rates for long-term mortgages rose slightly this week, as uncertainty in the U.S. stock markets kept movement to a minimum, mortgage lender Freddie Mac said Thursday.

Freddie Mac reported that the 30-year mortgage averaged 6.18 percent in the week ending Sept. 13, with an average of 0.6 of a point payable up front to the lender. The rate rose from an average 6.15 percent last week and remained lower than its 6.86 percent average a year ago.

Click here to compare real estate agents

The 15-year fixed-rate mortgage averaged 5.59 percent, up from 5.56 percent last week and down from 6.39 percent last year. The 15-year mortgage averaged 0.6 of a point payable up front to the lender.

One-year adjustable-rate mortgages, loosely indexed to the 10-year Treasury note, averaged 4.32 percent with an average 0.6 of a point due up front, down from last week's 4.35 percent average. A year ago the one-year ARM averaged 5.62 percent.

"Markets are on edge, trying to decipher the implications of the latest economic and political statements," said Frank Nothaft, Freddie Mac chief economist. "It's that uncertainty that is keeping mortgage rates from moving one way or the other."

  graphic  Calculators: Your Home  
  
Rent vs.Buy
Mortgage Qualifier
Refinancing calculator
Rate Search Tool
  

Freddie Mac (FRE: down $0.60 to $62.91, 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.  Top of page




  More on YOUR HOME
Your Home: Bracing for higher rates
Refinancing demand lags again
A rose is (not) a rose
  TODAY'S TOP STORIES
HOW I GOT MY JOB
U.S. stocks end mixed amid Europe worries
Euro leaders fall short (again!) as crisis spirals




graphic graphic

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.