After decreasing 4.6% the previous week, total mortgage application volume fell 2.6% on an adjusted basis during the week ended Oct. 27, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 5%, while applications for purchases decreased 1%.
On an unadjusted basis, total volume decreased 3% compared with the previous week. Applications for purchases decreased 2% on an unadjusted basis but were 10% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 48.7% of total applications, down from 49.5% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 6.8% of total applications.
The average interest rate for a 30-year fixed-rate mortgage with a conforming loan balance was 4.22%, up from 4.18%, based on contract signings.