Conforming mortgage rates barely budged this past week as the industry awaits news from the Federal Reserve Thursday afternoon regarding a potential rate hike.
The average interest rate for a 30-year fixed-rate mortgage edged up to 3.91% from 3.9% a week earlier, according to Freddie Mac's Primary Mortgage Market Survey.
The rate for a 15-year fixed-rate mortgage rose by a single basis point
Conversely, the average interest rate for a one-year Treasury-indexed ARM fell to 2.56% from 2.63% a week before.
While many are expecting a rate hike from the Fed following this week's FOMC meeting, it is unlikely to create significant troubles in the mortgage market, according to Freddie Mac economist Sean Becketti.
"Even if the Fed decides to raise short-term interest rates, we don't expect a significant impact on the housing market," Becketti said in a news release Thursday.
"We're still on track for the best year of home sales since 2007...While our outlook incorporates a moderate increase in mortgage rates over the next 18 months, rates are likely to remain low by historical standards and should not be a determining factor for most Americans looking to purchase a home."
