Fixed mortgage rates inched up in the week ending Oct. 25 as reported in Freddie Mac's weekly survey.
The 30-year rate rose four basis points to 3.41% and with an average 0.7 point, the no-point rate is 3.59%. Mortgage rates have backed up 23 basis points since hitting a record low of 3.36% in the week ending Oct. 4. Meanwhile, the 15-year fixed rate moved off its record low of 2.66% to 2.72%.
Mortgage refinancing activity has ticked steadily lower as rates have risen from their lows. In particular, for the week ending Oct. 19 the Mortgage Bankers Association's Refinance Index dropped 13% to 4752 and is down 19.3% since the end of September.
On the adjustable side, 5/1 hybrid ARM rates were unchanged at 2.75%, while one-year ARM rates slipped one basis point to 2.59%.
