Oct. 15, 2008 - Mortgage Applications Rise

Amidst last week's financial turmoil there was a bit of hope.  The Mortgage Bankers Association reported today that mortgage applications were up 5.4% last week.  The yield on the10-year Treasury note - the benchmark for the 30-year fixed mortgage rate - moved up about 40 points over the course of the week.  As the week went by, rates slowly ticked up ending higher than they began with the 30-year fixed rate mortgage increasing to 6.47%.