30-Year Fixed Rate Mortgage Falls to 15-Week Low: 4.22%

30-Year Fixed Mortgage Falls to 15-Week Low: 4.22%The average 30-year fixed rate mortgage fell to 4.22 percent this week, its lowest level in 15 weeks, or the week ending June 20.
Average fixed rates overall fell for the third consecutive week amid declining consumer confidence and the onset of the federal government shutdown, according to Freddie Mac.
The potential slowing of the housing recovery from the stalemate in Washington, D.C. has driven consumer sentiment down and is making investors nervous day-by-day.
FHA-backed mortgage applications will see delays, as will home-loan underwriting overall as federal income tax verifications may be hard to come by.
“Moreover, a recent Bloomberg survey of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
Here’s a rundown of this week’s mortgage rates:
30-year fixed-rate mortgage averaged 4.22 percent, with an average 0.7 point, for the week ending October 3, 2013, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year fixed rate averaged 3.36 percent.
15-year fixed rate this week averaged 3.29 percent, with an average 0.7 point, down from last week when it averaged 3.37 percent. A year ago at this time, the 15-year fixed rate averaged 2.69 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 2.72 percent.
1-year Treasury-indexed ARM averaged 2.63 percent this week, with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.
30-Year Fixed Mortgage Falls to 15-Week Low: 4.22%

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