Mortgage application volume decreased 2.6%, on an adjusted basis, during the week ending Oct. 31, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
Applications for refinances fell 6% on higher rates, while applications for purchases increased 3%.
On an unadjusted basis, overall volume decreased 3%. Applications for purchases increased 1% – but volume was 13% lower compared to the same week one year ago.
The refinance share of mortgage activity decreased to 63% of total applications, down from 65% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.17%, up from 4.13% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 4.13%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) remained unchanged at 3.84%.
The average rate for a 15-year FRM was 3.38%, up from 3.28% the week prior.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.08%, up from 2.94%.
All rates are based on closings.
The ARM share of activity decreased to 7.4% of total applications.
Looking at application volume by loan type, the FHA share of total applications was 9.5%, up from 8.9%. The Veterans Affairs share of total applications remained unchanged at 10.7%, and the U.S. Department of Agriculture share of total applications remained unchanged at 0.9%.