The Real Deal Miami

Interest rates finally rise, mortgage apps dip

October 20, 2010 02:15PM

Mortgage applications both for purchases and refinancing fell last week as interest rates registered their first increase in six weeks, according to new data from the Mortgage Bankers Association. Refinancing application volume dropped by 11.2 percent week-over-week, while purchasing applications were down 6.7 percent for the week that ended Oct. 15, though results were not adjusted to take into account the Columbus Day holiday. Meanwhile, interest rates rose for the 30-year fixed-rate mortgage to 4.34 percent, from 4.21 percent one week earlier. The 15-year mortgage saw a similar interest rate increase, to 3.74 percent, from 3.62 percent the week before. Both mortgages had been consistently setting or meeting new record low interest rates for the past six weeks. TRD