mortgage

Mortgage rates for Oct. 10, 2013

 

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

The ongoing government shutdown and the looming debt ceiling deadline have made investors cautious, and that has been good for mortgage rates. This marked the fifth consecutive week that mortgage rates were lower. The benchmark 30-year fixed-rate mortgage retreated to 4.39 percent, the lowest since mid-June. The larger jumbo 30-year fixed mortgage rate held steady at 4.58 percent.

On adjustable mortgages, the popular five-year ARM rate slid to 3.34 percent and the seven-year ARM pulled back to 3.68 percent. These are also the lowest since mid-June.

The cautiousness brought about by the government shutdown and the looming debt ceiling deadline has pulled yields on long-term government bonds lower. Mortgage rates are closely related to yields on long-term government bonds.

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.

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