mortgage

Mortgage rates for Oct. 31, 2013

 

I'm Doug Whiteman with your weekly look at mortgage rates.

Mortgage rates mostly stayed put this week with the benchmark 30-year fixed rate locked at 4.27 percent. The 15-year fixed-rate mortgage inched up 1 basis point to 3.38 percent. A basis point is one-hundredth of 1 percentage point. The average rate for 30-year jumbo mortgages declined 3 basis points to 4.35 percent. And the 5/1 adjustable-rate mortgage slipped 1 basis point to 3.26 percent. Mortgage rates are down nearly half a percentage point since the beginning of September.

In a statement released Wednesday at the conclusion of its policy meeting, the Federal Reserve seemed content to continue its economic stimulus program, known as quantitative easing. Shakiness in the economy caused by the government shutdown and the debt ceiling debate has taken the much talked about tapering of Federal Reserve bond purchases off the table for the time being. This comes as good news to potential homebuyers as the steady rise in mortgage rates has been stymied, at least for now. As always, it's important to shop around for the best mortgage terms. You can do so using the free rate tables on Bankrate.com. I'm Doug Whiteman.

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