Average fixed-mortgage rates increased as Congress dealt with a now-resolved federal budget impasse, according to the Primary Mortgage Market Survey released by Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.28 percent for the week ending Oct. 17, up from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.37 percent.
The 15-year FRM this week averaged 3.33 percent, up from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 2.66 percent.
"Fixed mortgage rates edged up leading to the federal budget deadline this week," Frank Nothaft, vice president and chief economist, Freddie Mac, said in a statement. "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. Similarly, October’s homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of Oct. 11, elevated by increases in applications for refinancing."
