Mortgage rates remain stagnate

Mortgage rates stagnate week over week.

Mortgage rates remained relatively the same last week, according to a new report.

Mortgage giant Freddie Mac announced earlier this week that three of the four major mortgages only rose one basis point each. 

The 30-year fixed rate mortgage came in at 3.9 percent, up from 3.89 percent last week. The percentage is also well below the level it was in the same week last year, 4.12 percent. The 15-year fixed rate mortgage moved up from 3.09 percent to 3.10 percent, down 16 basis points from 2014. The 1 year adjustable rate mortgage moved up to 2.63 percent from 2.62 percent, but showed a year over year increase, as it was only 2.45 percent in the same week of 2014.

Only the 5-year adjustable rate mortgage decreased, moving from 2.93 percent to 2.91 percent. The result is just shy of its average last year, 2.99 percent.

In the report, Freddie Mac chief economist Sean Becketti also noted that other economic indicators performed poorly, which may help keep interest rates low. Unemployment went to 5.1 percent last month, the lowest since April of 2008 while job growth fell below expectations as well. Wages rose, but Becketti said the 2.2 percent increase was "a neutral indication at best."

Becketti pointed this out because, later this month, the Federal Reserve will meet to discuss interest rate increases. Earlier reports this year indicated that the Federal Reserve may raise rates this month, but these newer results may cause them to change their mind.

"Following a shortened week, mortgage rates were virtually unchanged," said Becketti. "The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed's September meeting."

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