Average rate on 30-year mortgage inches up

Average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve’s crucial decision next week on interest rates.

After a sharp drop the previous week, as global markets continued to whipsaw amid economic disruption in China and uncertainty over the Federal Reserve’s interest-rate policy.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed-rate mortgage edged up to 3.90 percent from 3.89 percent a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.10 percent from 3.09 percent.

The lack of movement in mortgage rates followed several weeks of sharp swings amid turbulence in global markets stoked by economic dislocation in China.

Investors and economists are closely watching whether the Fed moves at its meeting next week to raise a key interest rate.