All mortgage rates increased this first week of November compared to the previous week, reaching the highest rates in almost 2 months. This is the first time all rates rose simultaneously since the first week of July, according to Freddie Mac.
30-year fixed-rate mortgages increased to 3.87% this week compared to 3.76% a week earlier. This is the highest 30-year rate since mid-September.
15-year fixed-rate mortgages also rose to 3.09% this week. That's less than the high 3.11% rate we saw for the week ending September 17, 2015. But it's a sharp rise from the 2.98% rates we enjoyed last week.
5-year adjustable-rate mortgages increased this week as well, reaching 2.96%, compared to 2.89% the previous week. This is the highest 5-year rate since July 23, 2015.
1-year adjustable-rate mortgages followed the upward trend, rising from 2.54% last week to 2.62% this week. That 2.62% rate takes us back to the 2.62% rate we witnessed two weeks ago.
As mortgage rates increase this first week of November, the amount of mortgage applications for the week ending October 30, 2015 dropped 0.8% compared to a week earlier, according to the MBA Weekly Mortgage Applications Survey.
The refinance share of mortgage activity rose, however, reaching 59.7% last week compared to 59.5% the previous week. The adjustable-rate mortgage share of activity increased last week as well, reaching 6.7% compared to 6.6% a week earlier.
Meanwhile, the FHA and VA share of total mortgage applications dropped during the last week of October, with the FHA share decreasing from 13.7% two weeks ago to 13.2% last week, and the VA share reaching 11.9% last week compared to 12.3% a week earlier. The USDA share of all mortgage applications remained at 0.7%