Industry News

Long-term real estate rates on the rise

30-year fixed at 6.09%; purchase loan applications up

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Real estate purchase loan applications were on the rise last week as refinancings slowed, according to the Mortgage Bankers Association's weekly mortgage applications survey. Long-term interest rates also increased. The market composite index - a measure of mortgage loan application volume - was 737.5, an increase of 6.1 percent on a seasonally-adjusted basis from 694.8, one week earlier. This measure includes an adjustment to offset the effects of Columbus Day on application activity. On an unadjusted basis, the index decreased 4.4 percent compared with the previous week but was up 3.7 percent compared with the same week one year earlier.  The survey covers the week ended October 14. The seasonally-adjusted purchase index increased 7.3 percent to 503.9 from 469.5 the previous week, and the refinance index increased 4.5 percent to 2,095.7 from 2,004.9 one week earlier. The four-week moving average for the seasonally-adjusted market index is down 1.2 percent to 716.8 from 725.4....