As we move into October, mortgage apps are on the increase, according to the Mortgage Bankers Association (MBA). The MBA Market Composite Index, a measure of mortgage loan application volume, increased 9.3 percent in late September on a seasonally adjusted basis. On an unadjusted basis, the Index increased 9.2 percent.

The Refinance Index increased 11.2 percent. The seasonally adjusted Purchase Index increased 2.6 percent from one week earlier. The unadjusted Purchase Index increased 2.2 percent compared with the previous week and was 0.1 percent higher than the same week one year ago.

"Mortgage rates are declining, at least partially in response to the Fed's announcement that they would shift their portfolio towards longer-term Treasury securities, and that they would resume buying mortgage-backed securities," said Mike Fratantoni, MBA's Vice President of Research and Economics. "With lower rates, refinance application volume increased to its highest level since August 19, 2011. Purchase application volume also increased. However, the increase was in conventional purchase applications, which were up by 4.9 percent. Purchase applications for government loans fell by 0.6 percent, likely influenced by the pending decline in FHA loan limits."

On September 29, Freddie Mac released the results of its Primary Mortgage Market Survey coming on the heels of the Federal Reserve's recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent. Of the five regions surveyed in Freddie Mac's survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.