Mortgage rates increase during fiscal showdown

Fixed-mortgage rates increased leading up to the debt-ceiling deadline this week.

Rates on 30-year fixed-rate mortgages averaged 4.28 percent with an average point of 0.7 percent for the week ending Oct. 17, up from 4.23 percent last week and 3.37 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages and five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans also increased, while rates on one-year Treasury-indexed ARMs slipped.

Source: Freddie Mac