Daily market update: Oct. 28, 2015

We’ll add more market news briefs throughout the day. Check back to read the latest.

Mortgage Bankers Association’s Weekly Applications Survey:

• The Market Composite Index decreased 3.5 percent week-over-week.
• The refinance share of mortgage activity remained unchanged at 59.5 percent.
• The average contract interest rate for a 30-year fixed-rate mortgage increased to 3.98 percent from 3.95 percent week-over-week.

First American’s September 2015 Loan Application Defect Index:

• The rate of incidence of loan application defaults fell 1.2 percent month-over-month in September 2015.
• The index fell 9 percent year-over-year.
• The defect index for refinance transactions declined 1.4 percent month-over-month and 10 percent year-over-year.

CoreLogic’s Mortgage Fraud Trends Report:

• Mortgage application fraud risk nationwide decreased 8.9 percent year-over-year.
• Louisiana, however, saw a 17.1 percent increase in mortgage fraud risk.
• Identity application fraud risk decreased 22.7 percent nationwide.

Mortgage rates:

[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

Home equity rates:

[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]