Average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve’s crucial decision next week on interest rates.
The subdued gains followed a sharp drop the previous week, as global markets continued to whipsaw amid economic disruption in China and uncertainty over the Fed’s interest-rate policy.
Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage edged up to 3.90% from 3.89% a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.10% from 3.09%.
Investors and economists are closely watching whether the Fed moves at its meeting next week to raise a key interest rate, as has been long anticipated.