Mortgage Rates Increase, Refinancing Falls, Purchase Applications Rise

A steep climb in mortgage rates pulled down mortgage refinancing applications in the September 13 week but not purchase applications, the former falling a week-to-week 4.0 percent but the latter up 6.0 percent. Purchase applications have posted three solid weekly gains in a row to lift the year-on-year rate to a very strong 15.0 percent which is certain to lift forecasts for next month's round of September home sales data. Conventional 30-year mortgages rose 19 basis points in the week to an average 4.01 percent.