October 14th, 2013
Interest rates moved slightly higher last week, but overall have remained quite steady for 3 weeks. All eyes are on Washington DC to end the gov’t shutdown and increase the debt ceiling.
The US treasury states that it will run out of money on Thursday, October 17th. Anything but full payment on the debts due could cause an international crisis. Even if the debts are paid, if a debt ceiling deal is not reached by Thursday it will likely cause stocks to plummet and interest rates to rise quickly.
With world newspapers decrying the lack of leadership in the US, and editorials being published about de-Americanizing international monetary policies, it’s time for this deal to get done.
Rumors are that a short term deal is likely and we will be doing another debt ceiling count down in the near future. Either way, it is imperative that something gets done by Thursday or we will likely to see a huge rise in rates.
That unfortunately would be the least of our worries.
Make it a great week!!
BEST VALUE OF THE WEEK:
20 Year Fixed at 4.25% with 0 points
TODAY’S RATES:
30 year fixed: 4.25% – .91 points, 4.375% – 0 points, 4.625% – $0 costs
20 year fixed: 4.125% – .73 points, 4.25% – 0 points, 4.5% – $0 costs
15 year fixed: 3.375% – .52 points, 3.5% – 0 points, 3.625% – $0 costs
10 year fixed: 3.125% – .68 points, 3.375% – 0 points, 3.625% – $0 costs
5/1 ARM: 2.75% – .96 points, 3.125% – 0 points, 3.5% – $0 costs
7/1 ARM: 3.25% – .98 points, 3.5% – 0 points, 3.75% – $0 costs
30 year fixed FHA: 3.75% – .52 points, 3.875% – 0 points, 4% – $0 costs
15 year fixed FHA: 3.25% – .58 points, 3.5% – 0 points, 3.75% – $0 costs
30 year fixed VA: 3.875% – .32 points, 4% – 0 points, 4.25% – $0 costs
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