Admin

Mortgages dangle on debt doubts ........Debt Ceiling

By
Mortgage and Lending with America's Mortgage Lender llc. 62320

Mortgage rates barely changed this week as investors grew increasingly anxious about the looming threat of a U.S. debt default.

 

Find the best mortagerates email: allamas@westtownsb.com

 

The benchmark 30-year fixed-rate mortgage fell 1 basis point this week, to 4.68 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 4.74 percent; four weeks ago, it was 4.66 percent.

The benchmark 15-year fixed-rate mortgage remained unchanged, at 3.82 percent. The benchmark 5/1 adjustable-rate mortgage fell 4 basis points, to 3.36 percent.

Debt ceiling

Many investors remain in wait-and-see mode as Congress tries to hatch a budget deal to shrink the deficit and raise the $14.29 trillion debt ceiling. But with 11 days left before the Aug. 2 deadline set by Treasury, they are becoming more nervous about the situation, says Kevin Breeland, general manager of Residential Mortgage of South Carolina in Mount Pleasant, S.C.