Mortgage rates increase; loan applications decrease

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 9, 2009. The report showed an increase of 1.8 percent in mortgage loan applications from the week as interest rates inched back above 5 percent for the first time in four weeks.

Refi’s continue to dominate the mortgage application activity with 67.4 percent of all mortgage loan applications being refinances.

Interest rates and fees for the week:

• 30 year fixed-rate mortgage interest rates increased to 5.02 percent from 4.89 percent the previous week, with fees decreasing to 1.11 percent from 1.13 percent on loans that are 80 percent of the value of the home.
• 15 year fixed rate mortgage interest rates increased to 4.44 percent from 4.32 percent with fees remaining unchanged at 1.04 percent on loans that are 80 percent of the value of the home.
• One-year ARM interest rates increased to 6.71 percent from 6.56 percent with fees increasing to 0.32 percent from 0.30 percent for loans that are 80 percent of the value of the home.

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