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Mortgage Rates Update > 10/10/13

Graph of 15-Year Fixed Rate Mortgage Average in the West Region
U.S. Primary Mortgage Markets started to feel the impact of the ongoing government shutdown today, as some borrowers seeking mortgages backed by the Federal Housing Administration and Department of Agriculture were left empty handed. Only compounding the issues, the Department of Labor postponed the release of economic-data reports, including the monthly employment figures, which are a major factor in the Fed’s continuation of their current $85 billion a month stimulus efforts.

The average 30-year fixed rate rose from 4.30% to 4.35%, while the average 15-year rate rose from 3.42% to 3.47%. The average FHA 30-year rate rose from 4.00% to 4.04%, while despite the market issues, the average 5/1 year ARM held steady at 3.14%.

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