Mortgage rates remain constant after few surprises of work data, the FED meeting

The mortgage rates remained flat at 6.76% this week, as the treasure returns that base them were largely constant, According to Freddie Mac data.

Fifteen -year -old mortgage rates were slightly lower, with an average of 5.89% a week until Wednesday, from 5.92% a week ago.

The financial markets remained calm for another week in the midst of surprises limited to economic data and few updates on trade negotiations. The Federal Reserve came out of reference unchanged interest ratesAs expected, saying that economic uncertainty has increased, but the labor market still seems solid.

“The main transfers of this week’s mortgage rates were Jobs and Fed,” said Kara Ng, a senior economist from Zillow Home Loans, in a statement. “With the unemployment rate that remains constant, the Fed has the gift of time to see how government policies affect the economy before adjusting the fees.”

Mortgage rates are not directly controlled by the FED, but they move in response to expectations for future interest rate policy. President Trump has repeatedly urged the Central Bank to reduce interest rates, which has so far resisted. Following the Wednesday FED meeting, traders slightly reduced their expectations for rate cuts in June or July, seeing 20.4% chance of cutting next month, according to CME Fedwatch.

Stable mortgage rates helped increase mortgage applications last week. Applications for purchasing a new house and to refinance each increased by 11% from week to Friday, according to the Mortgais Bankers Association.

Claire Boston is a senior journalist from Yahoo Finance who covers housing, mortgages and domestic insurance.