mortgage

Mortgage rates for Oct. 16, 2013

 

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

After falling for five consecutive weeks, mortgage rates increased this week on hope of a deal to avoid a government debt default. The benchmark 30-year fixed mortgage rate is now 4.42 percent and the 15-year fixed rate is 3.49 percent. The larger jumbo 30-year fixed rate slid to 4.55 percent, and the average rate is now just one-eighth of a percentage point higher than the smaller government-backed loan, among the narrowest margins ever recorded.

Adjustable mortgage rates were mixed, with the three-year ARM rising to 3.35 percent and the popular five-year ARM sliding to 3.31 percent.

The potential economic drag from the government shutdown and looming debt ceiling deadline had pulled rates lower in recent weeks, but hopes that a deal could be in the works eased those concerns late last week. However, with the deadline drawing closer and still no deal, there is plenty of room for volatility -- both up and down -- in the coming days.

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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