4.28: Rates Climb Back Up

• October 17, 2013

by UrbanTurf Staff

After slipping down for a couple weeks during the economic uncertainty of the shutdown, rates are climbing back up again.

On Thursday morning, Freddie Mac reported 4.28 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

After hitting a yearly high of 4.58 percent in August, rates have been staying in the low 4s for the past month.

From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:

Fixed mortgage rates edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

This article originally published at https://dc.urbanturf.com/articles/blog/4.28_rates_climb_back_up/7704