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Mortgage Rates Today, Wednesday, Oct. 5: Rates, Refinance Applications on the Rise

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Mortgage rates across the board for 30- and 15-year fixed loans and 5/1 ARMs all climbed higher, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday.

Mortgage Rates Today,
Wednesday, Oct.5

(Change from 10/4)
30-year fixed: 3.63% APR (+0.02)
15-year fixed: 3.04% APR (+0.02)
5/1 ARM: 3.56% APR (+0.02)

Mortgage applications increase, driven byrefinance activity

Eager to take advantage of low mortgage rates, existing homeowners helpedboost mortgage applications by2.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 30.

Refinance applicationsincreased 5% from the previous week, while purchase applications fell by 0.1% in the same time frame. The unadjusted purchaseindex dipped 0.2%compared with the previous week and was 14%lower than the same week one year ago.

The refinance share of mortgage activity increased to 63.8%of total applications from 62.7% the week before. As mortgage rates continue to stay below 4%, it seems more homeowners are refinancing and staying put instead of looking to trade up to another home.

This trend in increased mortgage refinance applications mirrors findings from the Urban Institute. In 2001, there were 1.8 million repeat homebuyers in the U.S. housing market. Though their numbers declined until 2008, there were always at least 1million each year, the institute’s data show. In 2009, in the midst of the housing downturn, there werenearly700,000 repeat homebuyers. By 2015, there were over900,000 repeat buyers in the market— half the amount in 2001.

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Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offeredby a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay.

More from NerdWallet
How to refinance your mortgage
Compare mortgage refinance rates
Find a mortgage broker

Deborah Kearnsis a staff writer at NerdWallet, a personal finance website. Email: dkearns@nerdwallet.com. Twitter: @debbie_kearns.

The article Mortgage Rates Today, Wednesday, Oct. 5: Rates, Refinance Applications on the Rise originally appeared on NerdWallet.

 

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