Average fixed mortgage rates were mainly unchanged following a shortened week due to the Labor Day holiday and mixed economic signals prior to the Fed's meeting next week. Freddie Mac’s Primary Mortgage Market Survey showed rates on a 30-year fixed mortgage rose slightly, but stayed below 4 percent.
"Following a shortened week, mortgage rates were virtually unchanged, inching up 1 basis point to 3.90 percent. The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed's September meeting. The unemployment rate dropped to 5.1 percent in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations. Wages grew 2.2 percent, a neutral indication at best,” said Sean Becketti, chief economist, Freddie Mac.
- 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.6 point for the week ending Sept. 10, 2015, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
- 15-year FRM this week averaged 3.10 percent with an average 0.7 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.5 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.99 percent.
- 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.3 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.45 percent.