WASHINGTON (9/11/15)--With fewer than seven days until the Federal Reserve announces its decision on whether to raise interest rates for the first time since the Great Recession, mortgage rates have flat lined, according to Freddie Mac.
The 30-year fixed-rate mortgage rate edged higher to 3.9% for the week ending Sept. 10, up from 3.89%, while the 15-year fixed-rate mortgage rate inched up to 3.1% from 3.09%.
The Mortgage Bankers Association Wednesday also reported little movement in the 30-year fixed-rate mortgage rate, which remained at 4.1% for the week ending Sept. 4.
“Following a shortened week, mortgage rates were virtually unchanged, inching up one basis point to 3.9%,” said Sean Becketti, Freddie Mac chief economist. “The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed’s Sept. 16-17 meeting.
“The unemployment rate dropped to 5.1% in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations.”
Wages also climbed only 2.2%, a largely a neutral indication, Becketti added.