MBA: Mortgage Application Volume Inched Down Slightly

After decreasing 3.5% the previous week, mortgage applications fell 0.8% on an adjusted basis during the week ended Oct. 30, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, application volume decreased 1% compared with the previous week. Applications for refinances decreased 1%, while applications for purchases fell 1%, as well.

On an unadjusted basis, applications for purchases decreased 2% compared with the previous week but increased 20% compared with the same week one year ago.

The refinance share of mortgage activity increased to 59.7% of total applications from 59.5% the previous week.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.01%, up from 3.98%.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 3.90%, up from 3.88%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.81%, up from 3.80%.

The average rate for a 15-year FRM was 3.24%, up from 3.22%

The average rate for an adjustable-rate mortgage (ARM) was 3.12%, up from 3.03%.

The ARM share of activity increased to 6.7% of total applications.

Looking at volume by loan type, the FHA share was 13.2% of all applications – down from 13.7% the week prior. The Veterans Affairs share was 11.9%, down from 12.3% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.


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