Refinance Loan Rates: Rising Mortgage Rates

Oct. 23, 2013 - PRLog -- The hope of an end to the debt ceiling crisis and the government shutdown helped mortgage rates rally today, wiping out yesterday’s losses--best execution rates haven’t changed, but many lenders are further away from the upper end of the range and you may notice lower closing costs (depending on the lender) in the wake of the day’s business. Not all lenders necessarily repriced lower--some may have stayed the same from yesterday.

Recent higher moves have been described by some industry professionals as a “slow leak”, and it’s true that while the government shutdown has been a boon for those who hope for at least a maintenance of the current levels as opposed to the earlier upwardly rising rate environment punctuated by some days of recovery, it’s unclear where rates might go once the shutdown is over, the flow of government sourced economic data returns and markets get a good look at that data. At that stage, all eyes will likely move from headlines about debt ceiling issues and back to the Fed, which must decide what to do about Quantitative Easing and whether or not to taper off that program. Sooner, or later?

That’s the dilemma that’s added so much volatility to the markets. Volatility that could return depending on how the Fed reacts to the jobs and economic information that will soon be coming if and when the shutdown and debt ceiling crisis ends.

Here are the mortgage loan rates for October 16 2013. The numbers here are reported as best execution rates, which assume ideal conditions. Your experience will vary based on your FICO scores, debt repayment history and other factors. These rates are not available to all borrowers, or from all lenders.

http://www.refinanceloanrate.com