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Mortgage Rates Update > 10/22/13

Graph of 30-Year Conventional Mortgage Rate
U.S. Major Mortgage Markets dropped sharply today after the Employment Situation Report, which was originally due out Oct. 4th, gave lower numbers than what was expected. Historically, weak economic data pushes rates lower and today was no exception. A likely effect of this is the Fed continuing its purchases of MBS and Treasuries, purchases that have kept rates lower than they otherwise would be.

The average 30-year fixed rate fell to 4.15%, down drastically from yesterday’s closing at 4.25%. The average 15-year fixed rate followed suit, falling from 3.39% to settle at the 3.29% range. The average 5/1 year ARM fell slightly for the third consecutive day to the 3.17% range.

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