Government Shutdown Effects on Real Estate

With interest rates steadily rising, the government shutdown has caused a slight dip in interest rates to its lowest figures in four months.  For the week ending October 3, national averages of mortgage rates went down for a third straight week.  Freddie Mac reports the following averages:

30-year fixed: 4.22%
15-year fixed: 3.29%

These are approximately 0.5-0.75% higher than the rates 12 months ago, which we all know were historically low.

The other big effect is most FHA, USDA, and VA loans are experiencing delays in closing since the… government… is… shut… down.  Trust me, it’s not that obvious to everyone.

Source: http://realtormag.realtor.org/daily-news/2013/10/04/gov-t-shutdown-pushes-mortgage-rates-down?om_rid=AACLKS&om_mid=_BSTyVLB81mOjB$&om_ntype=RMODaily

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