Mortgage Applications Up Slightly

By:
Kara Johnson | October 27, 2010

Mortgage applications for both refinancing and home purchases increased last week, as interest rates backed off a brief spike, according to the Mortgage Bankers Association. 

Applications to refinance existing mortgages were up 3.0 percent for the week, while purchase applications were up 3.9 percent, the MBA reported today. Overall mortgage applications were up 3.2 percent, all on a seasonally adjusted basis.
 
Interest rates on 30- and 15-year fixed-rate mortgages fell back after sharply increasing in last week’s survey. The average interest rate on 30-year mortgages fell to 4.25 percent, down from 4.34 percent last week, while 15-year rates fell to 3.67 percent, down from 3.74 percent previously.
 
Last week’s MBA survey showed both rates sharply increasing by at least 12 basis points, after six weeks of declines. However, other major rates surveys, such as Freddie Mac and Bankrate, showed rates as relatively stable last week. It’s not clear what caused the difference, but various rate surveys use different methods to evaluate the mortgage market, and reported results can vary.

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