Oct. 29--Mortgage rates edged lower this week in anticipation that the Federal Reserve would keep interest rates unchanged.
The 30-year fixed-rate mortgage averaged 3.76 percent through Oct. 29, down from 3.79 percent last week, according to a survey by Freddie Mac. The 30-year rate was 3.98 percent last year at this time.
The average for a 15-year fixed-rate mortgage was unchanged from last week at 2.98 percent, according to Freddie Mac. Last year, the rate was 3.13 percent.
The Fed held off on a long-anticipated increase Wednesday, maintaining its historically low benchmark interest rate, which was cut to near zero in 2008 to stimulate the economy during the Great Recession. The policy has helped lift the stock market for several years.
"Recent housing reports have done little to add or detract from the possibility of a December rate increase," Sean Becketti, chief economist at Freddie Mac, said in a statement. "Existing home sales were strong, contrasting with disappointing new home sales."
The Fed left open the possibility of raising the target rate at its next meeting in December.
rchannick@tribpub.com
