Mortgage application activity decreased 1.2% from one week earlier, its lowest level since May, according to the Mortgage Bankers Association.
While mortgage interest rates are still historically low, they are at their highest level since June, the MBA said.
The MBA's Weekly Mortgage Applications Survey for the week ending Oct. 28 found that the refinance index decreased 2%
The seasonally adjusted purchase index decreased 0.4% from one week earlier, while the unadjusted purchase index decreased 2% compared with the previous week and was 9% higher than the same week one year ago.
The market share of refi applications remained unchanged at 62.7% from the previous week.
The adjustable-rate mortgage share of activity increased to 4.4% of total applications, while the Federal Housing Administration share of total applications remained unchanged at 11.1%.
The VA share of total applications increased to 12.4% from 12.2% and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.75% from 3.71%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) the average contract rate increased to 3.74% from 3.71%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased 3 basis points 3.59%, while for 15-year fixed-rate mortgages backed by the FHA, the average increased 3 basis points to 3.04%.
The average contract interest rate for 5/1 ARMs increased to 2.97% from 2.93%.
