Update: US mortgage rate and applications

According to the Mortgage Bankers Association the average 30-year fixed rate mortgage averaged last week (end Oct 10) at 6.47 percent which was up from 5.99 percent the week previous.

A 15-year fixed mortgage rate averaged at 6.17 percent last week which is up from 5.71 percent for the week previous.

The seasonally adjusted index of mortgage applications went up 489.3 applications which is a rise of 5.1 percent. This is compared to a rise the week before of 2.1 percent.

Re-financing saw the biggest gain shooting up 12.5 percent on a week-to-week basis, however application for buying a new home declined by seasonally adjusted 0.3 percent. For a round up of the four week moving average of all mortgages saw a fall of 7.9 percent.

Source: mbaa