by Bill McBride on 10/15/2013 02:34:00 PM
Tuesday, October 15, 2013
The Freddie Mac Weekly Primary Mortgage Market Survey® will be released on Thursday (the series I usually follow), but here is a release from Zillow today: 30-Year Fixed Mortgage Rates Rise Slightly For Second Consecutive Week; Current Rate is 4.16%
The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.16 percent, up five basis points from 4.11 percent at this time last week. The 30-year fixed mortgage rates hovered between 4.11 and 4.14 percent for the majority of the week before rising to the current rate this morning.This is down from mid-August when 30 year fixed rates were at 4.58% (Freddie Mac survey). Last year rates averaged 3.38% in October 2012.
“Rates rose slightly last week, but remain relatively unchanged since the government shutdown began two weeks ago,” said Erin Lantz, director of mortgages at Zillow. “Despite some non-government economic data scheduled to be released next week, we expect rates to remain fairly steady until the government re-opens and releases more insightful data on the health of the economy.”
The rate for a 15-year fixed home loan is currently 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.84 percent.