Freddie Mac reported a two-basis-point increase from record low levels in fixed-rate mortgages, while adjustable rate mortgage rates moved to new record lows. This was the first increase in five weeks.

For the week ending Oct. 21, 30-year fixed mortgage rates averaged 4.21% with an average 0.8 point. This placed the no-point rate at around 4.41% - a level that still offers an attractive incentive for underlying borrowers of newer 30-year 4.5s to refinance.

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