Last saved by: Lynn Marie Greaves

Mortgage Rates in Review
The market remains challenging for potential home buyers. Over the last week, interest rates have hovered around 7.5%. The 30-year fixed rate went as high as 7.81% on Oct. 6th, and fell to 7.43% as of Oct. 13th. 
Current home owners with low interest rate loans are not willing to sell, creating a shortage of inventory. That, combined with current interest rates make it difficult for first-time buyers to find affordable housing and qualify for home loans. 
There has been an increase in applications for adjustable-rate mortgages this month. An adjustable-rate mortgage (ARM) has a variable interest rate, with the initial interest rate fixed for a set period. After that, the interest rate applied on the outstanding balance resets periodically, according to the loan agreement. 
Mortgage Rates as of October 13, 2023
Source: Zillow. Rates may vary by location.
Conforming Loans
30-Year Fixed Rate		7.43 %
20-Year Fixed Rate		7.12 %
15-Year Fixed Rate		6.61 %
10-Year Fixed Rate		6.63 %
7-year ARM 			7.46 %
5-year ARM 			7.18 %
Government Loans
30-Year Fixed Rate FHA 	6.76 %
30-Year Fixed Rate VA		6.68 %
15-Year Fixed Rate FHA 	6.17 %
15-Year Fixed Rate VA 		6.41 %
Jumbo Loans
30-Year Fixed Rate Jumbo 	7.55 %
15-Year Fixed Rate Jumbo 	7.38 %
7-year ARM Jumbo 		7.56 %
5-year ARM Jumbo 		7.32 %
3-year ARM Jumbo 		5.72 %
Rates are continuously subject to change, and often fluctuate throughout the day. We are watching the market intently to lock in the best rates for our clients. Call me to schedule an in-depth analysis of the loan programs that are available to fit your needs.