Mortgage application volume decreased 1.2% from one week earlier as rates increased to their highest level since June, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending Nov. 4 found that the refinance index decreased 3%
Application volume has declined in six out of the last eight weeks.
The seasonally adjusted purchase index increased 1% from one week earlier. The unadjusted purchase index decreased 1% compared with the previous week but was 11% higher than the same week one year ago.
The market share of refi applications decreased to 62.3% from 62.7% the previous week.
The adjustable-rate mortgage share of activity increased to 4.5% of total applications, while the Federal Housing Administration share increased to 11.6% from 11.1%.
The VA share decreased 1 basis point to 12.3% 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 2 basis points to 3.77%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000), the average contract rate increased 1 basis point to 3.75%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.61% from 3.59%, while for 15-year fixed-rate mortgages backed by the FHA, the average decreased to 3.03% from 3.04%.
The average contract interest rate for 5/1 ARMs decreased to 2.92% from 2.97%.
