Mortgage apps up as borrowing costs decline

Mortgage applications increased by 3.2 percent last week as already low interest rates dropped even further, according to a report from the Mortgage Bankers Association for the week that ended Oct. 22. Both refinance and purchase applications were up, by 3 percent and 3.9 percent, respectively, with refinancings accounting for 82.3 percent of all mortgage activity. The 30-year fixed-rate mortgage, meanwhile, dropped to 4.25 percent — the second-lowest level ever recorded by the MBA — from 4.34 percent one week earlier. The 15-year mortgage similarly hit an almost-record low, reaching 3.67 percent, down from 3.74 percent a week ago. TRD