Mortgage rates in holding pattern as housing markets start to return to normal
Mortgage rates held steady again this week, as all eyes remain on the Federal Reserve and what it will do next.
The 30-year fixed-rate mortgage averaged 2.87% for the week ending Sept. 2, unchanged from the previous week, Freddie Mac
reported Thursday. Mortgage rates are now roughly in line with their level from last year — a year ago, the 30-year loan averaged 2.93%.
The 15-year fixed-rate mortgage increased one basis point over the past week to an average of 2.18%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage increased by the same amount to an average of 2.43%.
Throughout the week, rates moved higher and then lower, reflecting investors’ anxiety over the Fed’s future plans for its stimulus efforts. Prior to the central bank’s Jackson Hole conference, there were thoughts that the Fed may…