By Crissinda Ponder • Bankrate.com
Mortgage rates mostly fell this week in anticipation of the Federal Reserve abstaining again from an increase in the near-zero federal funds rate.
The central bank’s Federal Open Market Committee said Wednesday that the 0% to 0.25% range “remains appropriate.”
“The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term,” reads an FOMC statement.
A look at this week’s rates
The benchmark 30-year fixed-rate mortgage fell to 3.88% from 3.93%, according to Bankrate’s national survey of large lenders. A year ago, it was 4.1%. Four weeks ago, the rate was 4.01%. The mortgages in this week’s survey had an average total of 0.21 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 3.99%. This week’s rate is 0.11 percentage points lower than the 52-week average.
The benchmark 15-year fixed-rate mortgage rose to 3.13% from 3.11%.
The benchmark 30-year fixed-rate jumbo mortgage fell to 3.84% from 3.87%.
The benchmark 5/1 adjustable-rate mortgage fell to 3.17% from 3.18%.
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