Mortgage application volume increased 0.1% on an adjusted basis during the week ended Nov. 17, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 5% on higher rates while applications for purchases increased 5%.
On an unadjusted basis, total volume decreased 2% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and were 4% higher compared with the same week one year earlier. The refinance share of mortgage activity decreased to 49.9% of total applications, down from 51.3% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 6.5% of total applications. Rates increased for a third consecutive week, with the average rate for a 30-year fixed-rate mortgage (FRM) rising to 4.20%, up from 4.18%.