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Rates stay flat ahead of Fed meeting


Key mortgage rates remained essentially flat ahead of the Federal Reserve’s meeting this week, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 4.02 percent, down one basis point from the prior week. A year ago, the rate averaged 3.61 percent. The 15-year fixed rate remained unchanged at 3.27 percent, while the five-year adjustable rate ticked up one basis point to 2.80 percent.

On Wednesday the Federal Open Market Committee (FOMC) decided to leave the federal funds rate unchanged in the range of 0.75 percent and 1 percent.

“Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC's broadly expected decision to leave rates unchanged," Freddie Mac’s Chief Economist Sean Becketti said. 


 

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