Mortgage Rates Level Off as Shutdown Continues

Posted by Bonnie Martin Designated Broker on Monday, October 14th, 2013 at 8:32am.

interest__max5128_450realtor.com - Interest rates on key loans had trended downward over the last month because of ongoing recovery concerns, particularly the Fed’s decision to continue its bond-buying stimulus program. The latest increase is attributed to the fact that the government shutdown has prevented the release of various economic reports that influence the bond market and mortgage rates.

The average rate on a 30-year fixed mortgage loan rose 0.01 percentage point this week, according to the latest survey from mortgage buyer Freddie Mac. After dropping to 4.22 percent a week ago, its lowest mark since June 20, the 30-year fixed is now trending at 4.23 percent. It had previously fallen for three consecutive weeks. A year ago, the 30-year average was 3.39 percent – a difference of 0.84 percentage point.

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