U.S. mortgage applications rose last week, while home loan interest rates crept up, an industry trade group's data showed Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Oct. 20 increased 0.5 percent to 588.6.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.36 percent, up 0.03 percent from the previous week.

The MBA's seasonally adjusted purchase mortgage index rose 0.4 percent to 388.8. The purchase index is considered a timely gauge of U.S. home sales.

The group's seasonally adjusted index of refinancing applications increased 1.8 percent to 1,790.4.

Tick. Tick. Beware the mortgage time-bomb