Mortgage rates edge up, applications fall, trade group says
October 21, 2009 | 9:04
am
The surge in home refinancings triggered by rates that dropped below 5% last month appears to be tapering off.
Mortgage rates went up a little last week and applications for new home loans declined nearly 14%, the Mortgage Bankers Assn. said in its weekly report today.
The average rate rose to 5.07% for a 30-year fixed-rate mortgage from 5.02%, with points (including the origination fee) edging up as well, from 1.11% of the loan amount to 1.13%.
The figures assume that borrowers are making a 20% down payment.
Rates for 15-year fixed mortgages and adjustable loans edged up as well.
-- E. Scott Reckard
