Mortgage rates exploded this past week in their biggest weekly rise in the Bankrate.com index in more than 21 years. The average 30-year fixed rate jumped 54 basis points, to 6.74 percent. A basis point in one-hundredth of a percentage point. The average 15-tear fixed soared 45 basis points, to 6.4 percent. The average jumbo 30-year fixed jumped 26 basis points, to 7.87 percent.

The one year adjustable-rate mortgage increased by 43 base points, to 6.32 percent. The 5/1 ARM moved up to 4 basis points, to 6.61 percent. Meanwhile, mortgage activity was up for the second straight week, according to the Mortgage Bankers Association. For the week ending October 10, mortgage activity rose a seasonally adjusted 5.1 percent. Refinancing activity was up 12.5 percent, while applications for new purchase fell by 0.3 percent.

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