Monday, October 14, 2013

Average U.S. Mortgage Rate Changes Minimal

Mortgage Rates -  The average U.S. rates on fixed mortgages remained near their lowest levels in three months with only marginal adjustments.

Mortgage buyer Freddie Mac reported average rate on the 30-year loan upped to 4.23 percent from 4.22 percent the prior week. The 15-year fixed loan average rose to 3.31 percent from 3.29 percent. The lowest averages since July.

Mortgage rates began dipping last month after the Federal Reserve decision to hold off slowing its $85 billion a month in bond purchases. This method is intended to keep longer-term interest rates low, including home mortgage rates.

The partial government shutdown and a lack of government economic data is said to contribute to lower rates making this a home buyers and home refinancing market. 

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