Mortgage rates stayed relatively steady this week as Congress remained at loggerheads over the debt ceiling and little new economic data was released.
“Mortgage rates were little changed amid the federal debt impasse in Washington, D.C. and a light week of economic data releases,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”
Freddie Mac’s Primary Mortgage Market Survey, released Thursday, showed the average rate for a 30-year fixed-rate mortgage averaged 4.23% this week, creeping up from last week’s 4.22%. Last year at this time, the average rate for a 30-year FRM was 3.39%.
The 15-year FRM edged up from 3.29% to 3.31% this week. Last year, the 15-year FRM averaged 2.70%.
Rates on adjustable-rate mortgages also rose slightly this week. The average rate for the 5-year Treasury-indexed ARM was up to 3.05% from last week’s 3.03%. The 1-year Treasury-indexed ARM rose from 2.63% to 2.64% this week.