After decreasing the previous two weeks, mortgage application volume was flat during the week ended Nov. 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 1%, while applications for purchases increased 1%, according to the report.
On an unadjusted basis, total volume decreased 1% compared with the previous week.
Applications for purchases decreased 2% on an unadjusted basis, compared with the previous week, but were 9% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 49% of total applications.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications.
Mortgage rates edged down slightly. The average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance was 4.18%, down from 4.22% the previous week.