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Mortgage rates inch up
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January 13, 2000: 2:10 p.m. ET
Increase, less than expected, puts rates at highest level since September '96
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NEW YORK (CNNfn) - Mortgage rates rose for the ninth consecutive week, reaching their highest point since September 1996, according to a survey from Freddie Mac.
The 30-year fixed-rate mortgage averaged 8.18 percent for the week ending Jan. 14, up from 8.15 percent last week. A year ago, the same mortgage averaged 6.83 percent.
The average rate for a 15-year fixed rate climbed to 7.78 percent with an average 1.0 point from last weeks 7.73 percent. A year ago that rate stood at 6.48 percent.
The rate for a one-year adjustable-rate mortgage, inched up to 6.61 percent 6.60 percent last week. A year ago it averaged 5.61 percent.
(Click here for a breakdown of average U.S. mortgage rates by region.)
"Mortgage rates did not move as much as expected, and that is surprising considering that the economy is showing no signs of slowing yet," said Robert Van Order, Freddie Mac's chief economist.
"This is the kind of information that will influence the Federal Reserve's action when it meets next month" to consider action on interest rates, Van Order added.
Freddie Mac, or the Federal Home Mortgage Corp., buys mortgages from banks and repackages them as mortgage-backed securities. 
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