mortgage

Mortgage rates for Oct. 3, 2013

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.

The government shutdown raised just enough concern about potential impact on the economy to bring mortgage rates lower for a fourth consecutive week. The benchmark 30-year fixed mortgage rate dropped to 4.41 percent and the 15-year fixed fell to 3.47 percent. Both are the lowest since mid-June.

Adjustable-rate mortgages were also lower. The popular five-year adjustable inched lower to 3.4 percent while the seven-year ARM slid to 3.72 percent. These, too, are the lowest levels since mid-June.

While the government shutdown has garnered a lot of attention, the truly significant event will be the coming deadline to increase the debt ceiling. While the usual silly games from Washington are expected, the downside risks to you, me and the overall economy are nothing short of huge. Make no mistake, a full-on debt default -- where the U.S. fails to make interest payments on our outstanding debt -- would be an unmitigated disaster in the economy and financial markets. For this reason, odds are highly in favor of a last-minute deal. But things could get dicey between now and then.

Whatever is happening with mortgage rates, be sure to shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Mustang car tops Empire State

The Ford Mustang just turned 50, and both Ford Motor Co. and Mustang owners are celebrating.  ... Read more


Connect with us