Checking in on the average mortgage rates reported by the MBA and Freddie Mac for the week ending 10-11-2013…
Still no progress on the government shutdown or debt ceiling talks in Washington this week. Which of course will affect the economy, housing and mortgage rates. Let’s look at the average mortgage rates reported by the MBA and Freddie Mac this week:
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 4.23%
- This is up from last week when it averaged 4.22%
- Last year at this time, 30-year fixed-rate mortgage averaged 3.39%
- 15-year fixed-rate mortgages this week averaged 3.31%
- This is up from last week when it averaged 3.29%
- Last year at this time, 15-year fixed-rate mortgages averaged 2.70%
Check out the chart from Freddie Mac showing the average mortgage rates:
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.42% from 4.49%, with points increasing to 0.44 from 0.34 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.45% from 4.53%, with points decreasing to 0.21 from 0.22 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.52% from 3.55% with points increasing to 0.34 from 0.33 (including the origination fee) for 80% loan-to-value ratio loans.
The Take Away:
Not much change this week due to the limited amount of new economic data and the federal debt fight in Washington. Because of the impact that the government shutdown is having, it is imperative that this situation is solved ASAP. The failure to work together for the benefit of America just shows how out of touch our elected officials are.
There a was a poll last week that showed 6 out of 10 Americans would like to see EVERY member of Congress replaced. I think this is sad but just confirms that Washington does not care about doing what is best for America. Sometimes what is best for America is not what your political party wants.
Buyers, seller and their agents must talk about this situation and what it will mean for them. Remember that in real estate, time is of the essence. If you are under contract and something is supposed to happen by a certain date, then it MUST happen by that date.
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.