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SOURCE Bankrate, Inc.
NEW YORK, Oct. 3, 2013 /PRNewswire/ -- Mortgage rates declined for a fourth consecutive week, with the benchmark 30-year fixed mortgage rate dropping to 4.41 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.27 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage fell to 3.47 percent, while the larger jumbo 30-year fixed mortgage rate retreated to 4.58 percent. Adjustable rate mortgages were lower also, with the popular 5-year adjustable rate inching lower to 3.4 percent and the 7-year ARM sliding to 3.72 percent.
The government shutdown raised just enough concern about potential impact on the economy to bring mortgage rates lower. While the government shutdown has garnered a lot of attention, the truly significant event will be the coming deadline to increase the debt ceiling. While the usual silly games from Washington are expected, the downside risk is huge. Should a full debt default – where the U.S. fails to make interest payments on our outstanding debt – occur, it would be an unmitigated disaster in the economy and financial markets. For this reason, odds are highly in favor of a last minute deal.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.41 percent, the monthly payment for the same size loan would be $1,002.70, a difference of $102 per month for anyone that waited too long.
30-year fixed: 4.41% -- down from 4.47% last week (avg. points: 0.27)
15-year fixed: 3.47% -- down from 3.53% last week (avg. points: 0.26)
5/1 ARM: 3.40% -- down from 3.41% last week (avg. points: 0.20)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates.
The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The group is divided, with 42 percent predicting rates will fall and 42 percent expecting rates will remain unchanged. The remaining 16 percent forecast an increase in mortgage rates in the next week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go to
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
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