U.S. Mortgage Rates Edge Higher

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The average fixed mortgage rates increased for the week ending October 17, as the federal budget deadline loomed closer, according to new data from Freddie Mac. 

"Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse," Frank Nothaft, vice president and chief economist, Freddie Mac, said in the release. "For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan."

Likewise, home builder confidence fell to a four-month low in October. Meanwhile, U.S. home purchase applications fell last week as uncertainty prevailed in the housing market.

The average 30-year fixed-rate mortgage was 4.28 percent this week, up from 4.23 percent last week. The average was 3.37 percent last year. 

The 15-year fixed-rate mortgage averaged 3.33 percent, increasing from 3.31 last week. The rate was 2.66 percent last year. 

The one-year treasury-indexed ARM was 2.63 percent this week, down from 2.64 percent last week.