Florida Mortgage Rates October 16, 2013
It’s a deal, at least in the Senate where it was announced that a bipartisan compromise had been reached to reopen the government and raise the debt limit. Today, we are already on Day 16 of the government shutdown and a midnight deadline for the debt ceiling limit. If this Senate deal gets approved today, the U.S. will also avoid a credit rating hit by Fitch which already put U.S. debt on negative watch.
The government shutdown has had an impact on purchase applications for government programs which fell around 7% for the week ending October 11th, according to the Mortgage Bankers Association. Refinances bounced back and were up 3% for the week.
The National Association of Home Builder’s Market Index dropped to 55 in October, still above 50 which means that more builders see conditions as good rather than poor.
For today, mortgage rates are stable so far. Stocks are on a rally, but MBS are up also at this point. Maybe now that a final deal looks like it will happen, hopefully markets will be less volatile and unpredictable leaving low mortgage rates intact.
Florida Mortgage Rates October 16, 2013:
- 30 Year Fixed Rate Mortgage – 4.00% (4.198% APR)
- 15 Year Fixed Rate Mortgage – 3.00% (3.341% APR)
Check back tomorrow to get the newest rate updates!
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