mortgage

Mortgage rates for Oct. 24, 2013

 

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

Mortgage rates were down sharply this week. The benchmark 30-year fixed rate mortgage fell to 4.27 percent, and the 15-year fixed rate settled at 3.37 percent. On larger jumbo mortgages, the 30-year fixed rate sank to 4.38 percent. In each case, this is the lowest rate since mid-June.

Adjustable mortgage rates moved notably lower this week, too. The popular five-year adjustable rate is now 3.27 percent, and the 10-year ARM dropped to 3.94 percent. These are also the lowest levels since mid-June.

Even though the government shutdown ended and a debt ceiling crisis was avoided, mortgage rates staged quite a retreat this week. Why? Worries about the damage inflicted on the economy by the circus in Washington have the upper hand, and a disappointing September jobs report that came out this week didn't help matters. As we play catch-up on economic data and get a read on the economy over the next month or so, this uncertainty should keep a lid on mortgage rates.

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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