- InThe Mortgage Bankers Association’s weekly report on mortgage applications noted a decrease of 2.6 percent in the group’s seasonally adjusted composite index for the week ending October 27.
- During the week, mortgage loan rates rose on all five loan types that the MBA tracks with four rising to multi-month highs.
- Mortgage loan rates rose to their highest level since July on 30-year fixed, 15-year fixed and FHA loans last week. Rates for adjustable-rate loans rose to their highest level since March.
- According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.18 percent to 4.22 percent. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.11 percent to 4.16 percent. The average interest rate for a 15-year fixed-rate mortgage increased from 3.48 percent to 3.52 percent.
- The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.29 percent to 3.33 percent. Rates on a 30-year FHA-backed fixed rate loan rose from 4.04 percent to 4.07 percent.