Mortgage applications drop as loan rates increase

by Vicki Needham - 10/20/10 3:36 PM ET

The four-week moving average for applications, which smoothes the volatile weekly figures, was up 0.4 percent. The purchase index average is down 1.1 percent while the average is up 0.7 percent for the refinancing index.

The refinance share of mortgage activity decreased to 82.4 percent of total applications from 83.1 percent the previous week.

The average rate on a 30-year fixed mortgage increased to 4.34 percent from 4.21 percent, while the average rate on a 15-year fixed loan increased to 3.74 percent from 3.62 percent.

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