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Buoyed by the strong employment figures for September that were released last week, mortgage interest rates rose slightly in all categories according to Freddie Mac's Primary Mortgage Market Survey for the previous week.

It is interesting that, with the exception of the short-term ARM, rates were virtually identical last week to the rates one year ago.

And this week, they are down.

Mortgage rates, that is. The one week up, two weeks down, two weeks up pattern continues as the markets try to outguess where the Federal Reserve is going with rates, fewer people apply for mortgages, and housing sales in some parts of the country also slide.

Freddie Mac's Weekly Mortgage Market Survey showed an encouraging...