Fixed mortgage rates rose by two basis points last week as the average rate for a 5/1 adjustable rate mortgage dropped by two basis points. Construction spending returned to positive territory, but job growth dropped in public and private sectors. National unemployment was lower.

Last week’s economic news included readings on housing starts, building permits issued and sales of pre-owned homes. The Fed’s Federal Open Market Committee issued its customary post-meeting statement and Fed Chair Janet Yellen gave a press conference. Weekly readings on mortgage rates and new jobless claims were also released.

Last week’s economic readings release included reports on inflation, core inflation retail sales and retail sales excluding autos. Consumer sentiment, along with weekly readings on mortgage rates and new jobless claims were also reported.

Last week’s economic news was slim due to the Labor Day Holiday. Scheduled releases included the Fed’s Beige Book Report and weekly readings on mortgage rates and new jobless claims.