Mortgage applications decreased 6% from one week earlier, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending Oct. 7 found that the refinance index decreased 8%
The market share of refi applications decreased to 62.4% from 63.8% the previous week.
The seasonally adjusted purchase index decreased 3% from one week earlier, while the unadjusted purchase index decreased 2% compared with the previous week and was 27% higher than the same week one year ago.
The adjustable-rate mortgage share of activity decreased to 4.1%, while the Federal Housing Administration share increased to 10.9% from 10%.
The VA share increased to 12% from 11.4% 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 6 basis points to 3.68%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) the average contract rate increased to 3.67% from 3.6%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased 4 basis points to 3.54%, while for 15-year fixed-rate mortgages backed by the FHA, the average increased 4 basis points to 2.97%.
The average contract interest rate for 5/1 ARMs remained unchanged at 2.92%.
