Mortgage rates retreated a modest amount just one week after climbing to a seven-year high. The next rate report, however, is likely to reflect significant escalation.

Prospective 30-year borrowers using the LendingTree network during September were offered an average annual percentage rate of 5.09 percent, climbing 10 basis points from one month previous.

Last month’s average APR, which is based on conforming fixed rates, was 4.39 percent for customers who had the best profiles, those in the 95th percentile, according to Charlotte, North Carolina-based LendingTree.

Source: Mortgage Daily