30-Year Mortgage Rate Up a Notch to 4.23% as Shutdown Limits Data

30-Year Mortgage Rate Up a Notch to 4.23% as Shutdown Limits DataAverage fixed mortgages changed little this week, with the 30-year fixed at 4.23 percent after limited economic data failed to sway rates since the government’s partial shutdown.
The impasse in Washington, D.C. is slowing some mortgage applications as federal income tax verifications are not available.
Of the few economic releases that have been issued since the shutdown, here’s a few of the results:

  • The private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute.
  • The Institute for Supply Management reported a greater slowing in growth in the non-manufacturing industry in September than the market consensus forecast.

Here’s the overview of rates from Freddie Mac:

  • 30-year fixed-rate mortgage averaged 4.23 percent, with an average 0.7 point, for the week ending October 10, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent.
  • 15-year fixed rate this week averaged 3.31 percent, with an average 0.7 point, up from last week when it averaged 3.29 percent. A year ago at this time, the 15-year averaged 2.70 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week, with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.73 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.59 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *