Mortgage Rates 10-16-13

By Steven Roberts Updated on 10/16/2013

What will interest rates do tomorrow? Mortgage professionals predict a slight increase in market rates, according to our live poll. The word in Washington is that the government has reached a compromise on the temporary debt ceiling increase. The government shutdown will end and the 16.7 trillion fiscal budget will extend to February, demanding compromise on a new budget by January. Expect a dramatic reaction in market movement today as investors have anticipated this moment. The stock and bond markets are improving immediately, however implications for interest rates remain volatile. Expert opinions in Washington suggest tapering will hinder until 2014, when the US economy has regained economic stability. Economic data reports will return, providing insight into the stability of our economy and may reflect the strain our shutdown has caused. Join us tomorrow for your rate update and Friday's prediction.

The 30-year fixed-rate mortgage (FRM) rates dropped by .03% to 4.39%. The 52-week high is 4.85%.

15-year FRM rates declined by .03% to 3.48%. The 52-week high is 3.90%.

FHA 30-year FRM rates decreased by .04% to 4.01%. The 52-week high is 4.60%.

Non-conforming conventional rates declined by .03% to 4.36%. The 52-week high is 4.79%.

Adjustable-rate mortgage 5/1 year (ARM) increased by .03% to 3.12%. The 52-week high is 3.37%.