After falling 4.1% the previous week, mortgage application volume decreased 1.2% during the week ended Oct. 28, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 2%, while applications for purchases decreased 0.4%.
On an unadjusted basis, total volume decreased 2% compared with the previous week. Applications for purchases decreased 2%, on an unadjusted basis, but increased 9% compared with the same week one year earlier.
The refinance share of mortgage activity remained unchanged, at 62.7% of total applications.
Interest rates increased slightly, with the average rate for a 30-year, fixed-rate mortgage (FRM) at 3.75%, up from 3.71%, to reach the highest level since June.
The average rate for a 30-year jumbo FRM was 3.74%, up from 3.71%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.59%, up from 3.56%.
The average rate for a 15-year FRM was 3.04%, up from 3.01%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.97%, up from 2.93%.
The ARM share of activity increased to 4.4% of total applications.
All rates are based on closings.
Looking at the government loans, applications for mortgages backed by the FHA remained unchanged, at 11.1%. The Veterans Affairs share of total applications was 12.4%, up from 12.2%. The U.S. Department of Agriculture share remained unchanged, at 0.7%.