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Mortgage Rates Moved Higher in August

NEW YORK CITY-Two of the most popular fixed-rate mortgages dipped, as did the top five adjustable-rate products.

By John Howe | Updated on September 22, 2000

NEW YORK CITY-While the US economy keeps expanding, the housing sector is showing signs of cooling off, judging from recent declines in mortgage rates here. The August report of the Manhattan Mortgage Co., a co-op, condo and home finance firm, reveals that the 15-year fixed-rate mortgage declined from 8% to 7.875% during the month, and 30-year fixed-rates fell from 8.5% to 8.25%.

Adjustable rates also declined. One-year mortgages fell from 7% to 6.875%, three-year products declined from 7.875% to 7.625% and five-year mortgages slipped from 8% to 7.87%. Seven-year adjustables went from 8.25% to 8.125%, and 10-year adjustables averaged 8.25% compared to 8.375% in July.

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