Skip to main content Rates Climb Back Up to 4.39 Percent
Oct 16, 2013

Rates on the most popular types of mortgages moved a little higher according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by five basis points (0.05 percent) to 4.39 percent. Conforming 5/1 Hybrid ARM rates increased by just a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.22 percent. "The stalemate in Washington continues without resolution, and investors are growing increasingly concerned," said Keith Gumbinger, vice president of "Should no agreement be reached, the impending debt ceiling deadline of Oct. 17 will have unknown consequences for interest rates, but it is a good bet that they will rise." Meanwhile, and although not yet at a dire stage, the closure of the federal government continues to gum up the mortgage market as IRS income verifications and FHA reviews continue to be hard to come by. A backlog of inbound requests to the IRS and at the FHA is certainly not going to improve until those agencies are fully up and running again. "The effects of the government shutdown will eventually slow activity in the housing market," adds Gumbinger. "However, while that's more of a political fight over spending priorities, the debt ceiling issue is about being able to pay yesterday's obligations. In the mortgage market, we know that failing to make agreed-upon payments can ruin credit ratings. Without a lift of the debt ceiling, will Uncle Sam become Uncle Subprime? The hope is that a deal can reached before there are any effects on the low mortgage rates borrowers have come to rely upon." Average mortgage rates and points for conforming residential mortgages for the week ending October 15, according to Conforming 30-year fixed-rate mortgage ►Average rate:   4.39 percent ►Average points: 0.23 Conforming 5/1-year adjustable-rate mortgage ►Average rate:   3.22 percent ►Average points: 0.16 Average mortgage rates and points for conforming residential mortgages for the previous week ending October 08 were, according to Conforming 30-year fixed-rate mortgage ►Average Rate:   4.34 percent ►Average Points: 0.18 Conforming 5/1-year adjustable-rate mortgage ►Average Rate:   3.21 percent ►Average Points: 0.13
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