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Mortgage Rates Update > 10/30/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Already at four month lows, U.S. Mortgage Markets began the day on the downward trend again. But, an afternoon announcement by the Fed to continue its bond buying program almost immediately halted all the momentum and sent rates back up to levels seen earlier in the week.

The next meeting to revisit the bond-buying program is in December, but Bernanke’s term is ending in February so it is unlikely that major changes would come with such a short time until his still unconfirmed replacement, Janet Yellen, is in the position.

The average 30-year fixed rate ended the bumpy ride just where it started, at the 4.15% range and the same is true for the average 15-year rate, which closed the day at the 3.25% range. The average 5/1 year ARM increased slightly to 3.15%

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