MortgagesRate: 5.35 percent (30-year fixed) Average Points: 0.37
Mortgage rates inched up this week, the third straight week that rates have risen.
The average 30-year fixed-rate mortgage was up 1 basis point, to 5.35 percent. A basis point is one-hundredth of a percentage point.
Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- rose 2 basis points, to 4.74 percent.
The average jumbo 30-year fixed slid 12 basis points, to 6.4 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 3 basis points, to 5.28 percent. Meanwhile, the popular 5/1 ARM dropped 5 basis points, to 4.64 percent.
Mortgage applications plunged for the second straight week, falling a seasonally adjusted 12.3 percent when compared to a week earlier, according to the Mortgage Bankers Association.
For the week ending Oct. 23, applications for new purchase dropped 5.2 percent. Refinancing activity tumbled 16.2 percent.
In other mortgage-related news:
- Home prices rose in August for the fourth consecutive month, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. Prices increased 1.2 percent for the month but were down 11.3 percent year over year. Just three cities -- Cleveland; Charlotte, N.C.; and Las Vegas -- registered price declines in August.
- Sales of new homes dropped 3.6 percent in September when compared to August, according to the U.S. Commerce Department. The decline snapped a streak of five consecutive monthly sales gains.
- Sales of existing homes rose 9.4 percent in September, boosting sales activity to its highest level since July 2007, according to the National Association of Realtors.
To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.
-- Chris Kissell