This article is a little more detailed than normal due to the debt ceiling debate.
Mortgage rates inched up this week as investors were spooked by political gridlock over how to raise the national debt ceiling and cut the deficit.
The benchmark 30-year fixed-rate mortgage rose 6 basis points this week, to 4.74 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 0.35 discount and origination points. One year ago, the mortgage index was 4.71 percent; four weeks ago, it was 4.71 percent, too.