30-year fixed mortgage rate edges higher

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.

The subdued gains followed a sharp drop the previous week, as global markets continued to whipsaw amid economic disruption in China and uncertainty over the Fed’s interest-rate policy.

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

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