IMAGE SOURCE: PIXABAY. Mortgage rates rose on Wednesday: The average 30-year mortgage rate is 3.57%, which equates to a $452.96 monthly payment per $100,000 borrowed. A month ago, the equivalent payment would have been lower by $12.80. If you were to opt for a shorter term, the average 15-year mortgage rate is 2.87%, which equates to a $684.35 monthly payment per $100,000 borrowed. A month ago, the equivalent payment would have been lower by $11.90. Rate (national average) Today 1 Month Ago 30-yr fixed jumbo 4.15% 4.32% 30-yr fixed 3.57% 3.34% 15-yr fixed 2.87% 2.62% 30-yr fixed refi 3.60% 3.39% 15-yr fixed refi 2.89% 2.64% 5/1 ARM 3.03% 2.88% 5/1 ARM refi 3.18% 2.98% ARM = Adjustable-rate mortgage. Data source: Bloomberg. Mortgage applications fell last week; rates at highest levels since June The Mortgage Bankers Association's Weekly Applications Survey, released on Wednesday morning, noted mortgage applications had fallen 1.2% during the week ending Oct. 28. The Market Composite Index, which tracks mortgage application volume, fell to its lowest level since May. Other indicators are lower, too: The Purchase Index fell 0.4%, following a brutal 7% decline the previous week, while the Refinance Index was down 2%. Nevertheless, the Purchase Index is 9% ahead of its year-ago level. The refinance share of mortgage activity was 62.7%, unchanged on the previous week, and adjustable-rate mortgages were just 4.4% of total applications. For conforming loans (balances of $417,000 or less), the average contract interest rate on a 30-year fixed-rate mortgage rose to 3.75%, its highest level since June. Points, including the origination fee, decreased to 0.32% for mortgages with 80% loan-to-value ratio. The effective rate increased from the previous week. The average rate for a 15-year fixed-rate mortgages also reached its highest level since June 2016, at 3.04% percent, with points increasing to 0.36%. The millennials are coming! On Monday, this column highlighted that the proportion of sales to first-time buyers rose to 35% in 2016, following three straight years of declines. Yesterday, one of my favorite Twitter pundits, https://twitter.com/groditi!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); (Guillermo Roditi Dominguez, managing director of New River Investments), noted wryly: 42% of freddie mac purchase origination was for 1st time home buyers, highest share in 10y. "millenials won't buy homes," they said... — Guillermo :( (@groditi) https://twitter.com/groditi/status/793628727292809217!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); The $15,834 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $15,834 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.