MCLEAN, Va. - The average rate for a 30-year fixed-rate mortgage was 7.94% for the week that ended Sept. 8, down 2 basis points from the previous week and up 6 from the year-earlier period, according to Freddie Mac's weekly survey.

The average rate for a 15-year fixed-rate mortgage was 7.65%, down 2 basis points from the prior week and up 16 from the year-earlier period.

The rate for one-year adjustable-rate mortgages averaged 7.33%, up 6 basis points from the prior week and 112 from a year earlier.

"Job growth slowed in August, yet another sign economic growth may be easing," said Freddie's chief economist, Robert Van Order.

"As economic growth slows," he said, "the chance of higher inflation becomes less of a threat, thereby reducing upward pressure on mortgage rates."

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