graphic
Personal Finance > Your Home
Mortgage rates steady
August 9, 2001: 1:04 p.m. ET

Long-term rates unshaken from prior week; one-year ARMs move lower
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Mortgage rates in the latest week were virtually unchanged from the previous week, with just the one-year adjustable-rate mortgages dipping lower.

According to Freddie Mac, the benchmark 30-year fixed-rate mortgage remained unchanged from the previous week at 7.00 percent for the week ending Aug. 10. A year ago, the same rate stood at 8.04 percent.

[Click here to compare real estate agents]

The average this week for the 15-year fixed-rate mortgage was 6.54 percent, unchanged from last week's average. A year ago, the same rate stood at 7.75 percent.

One-year adjustable-rate mortgages (ARMs) averaged 5.70 percent, down from last week's average of 5.77 percent. The same mortgage averaged 7.28 percent at this time last year.

"Long-term mortgage rates, virtually unchanged from last week's figures, reflect the lack of any substantive inflation fears in economic markets this week," said Robert Van Order, Freddie Mac chief economist.

"This on-going affordability of mortgage rates continues to fuel the housing market, which may help keep the overall economy out of serious trouble until the manufacturing sector gets back on its feet again, Van Order said."

[Click here for a breakdown of U.S. mortgage rates by region]

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. graphic

  RELATED STORIES

Mortgage rates dip again in latest week - Aug. 2, 2001

  RELATED SITES

CNNfn: Find a Mortgage

CNNfn: Home pricing assistant


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.