Monday, October 7, 2013

Government Shutdown Pushes Mortgage Rates Down

As a result of the federal government shutdown, fixed mortgage rates fell for the third consecutive week, Freddie Mac reports, ending at their lowest averages in nearly 4 months.
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 3: 
  • 30-year fixed-rate mortgages: averaged 4.22 percent, with an average 0.7 point, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.36 percent. 
  • 15-year fixed-rate mortgages: averaged 3.29 percent, with an average 0.7 point, dropping from last week’s 3.37 percent average. Last year at this time, 15-year rates averaged 2.69 percent. 
  • 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.6 point, dropping from last week’s 3.07 percent average. Last year at this time, 5-year ARMs averaged 2.72 percent. 
  • 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, holding the same as last week. A year ago at this time, 1-year ARMs averaged 2.57 percent.

Don't wait for rates to go back up!