Mortgage Rates 10-8-13

By Steven Roberts Updated on 10/8/2013

Will interest rates go down tomorrow? Mortgage professionals predict static interest rates as the government shutdown has induced a momentary paralysis, according to our live poll. Volatility is high and one piece of economic data this week could resuscitate the mortgage market. Investors are hesitant to speculate without significant economic data. In just one week, the shutdown has stunted the growth of our housing market. Market movement is expected in response to this week’s anticipated industry reports: Wholesale Inventories; Trade Balance; Retail Sales Data. The shutdown has impaired the lending process by preventing IRS Tax Return Verifications and postponing all underwriting of USDA loans. The FHA and VA are still managing to operate moderately. The Feds continue to await sufficient data to support tapering off mortgage-backed securities, however that is unlikely with our current economic instability. Check back this afternoon for your rate update.

30-year fixed-rate mortgage (FRM) rates declined by .01% to 4.29%. The 52-week high is 4.85%.

15-year FRM rates settled at 3.40%. The 52-week high is 3.90%.

FHA 30-year FRM rates remained at 4.00%. The 52-week high is 4.60%.

Non-conforming conventional rates decreased by .01% to 4.32%. The 52-week high is 4.79%.

Adjustable-rate mortgage 5/1 year (ARM) lowered by .01% to 3.11%. The 52-week high is 3.37%.