Mortgage Rates Slipped as Markets Waited on Fed Decision

Mortgage rates ticked down slightly from last week's post-Brexit high in anticipation of the Federal Open Market Committee meeting, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.48% for the week ending Sept. 22, down from last week when it averaged 3.5%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.86%.

"The 10-year Treasury yield declined after last week's post-Brexit high in anticipation of the Fed's September policy meeting. Despite the decrease in rates, the refinance index plunged 8% to its lowest level since June," said Sean Becketti, chief economist at Freddie Mac.

The FOMC voted not to raise short-term rates on Wednesday.

The 15-year fixed-rate mortgage averaged 2.76%, down from last week when it averaged 2.77%. A year ago at this time, it averaged 3.08%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.8%, down from last week when it averaged 2.82%, while a year ago it averaged 2.91%.