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Mortgage Rates 10-7-13

By Steven Roberts Updated on 10/7/2013

Will interest rates go down tomorrow? Market rates are likely to keep constant with last week’s neutral behavior, according to mortgage professionals voting on our live poll. The mortgage market may fluctuate lightly, but is over resisting change until significant economic data is available to drive investors, to or from, the bond market. The government shutdown has held vital reports from the public, including the anticipated Employment Report. Market movement is dependent upon a catalyst and that comes next week in the form of three economic data reports: Wholesale Inventories; Trade Balance; Retail Sales Data. The lending process is preventing IRS Tax Return Verifications and all underwriting of USDA loans, otherwise FHA and VA are still managing to operate. Keep in mind, the Feds are awaiting sufficient data that supports economic stability to ensue tapering off mortgage-backed securities. Check back this afternoon for your rate update.

30-year fixed-rate mortgage (FRM) rates increased by .02% to 4.30%. The 52-week high is 4.85%.

15-year FRM rates rose by .02% by 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 increased by .01% to 4.33%. The 52-week high is 4.79%.

Adjustable-rate mortgage 5/1 year (ARM) rose by .01% to 3.12%. The 52-week high is 3.37%.

About The Author:
Steven Roberts
Steven Roberts is an editor for Lender411. He specializes in mortgage and finance. Steven graduated from Cal State Long Beach. Contact him at Steven@Lender411com.

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