Mortgage applications decreased 0.8% for the week ending Oct. 30 according to the Mortgage Bankers Association's weekly survey — an improvement from the 3.5% drop
The Refinance Index and the seasonally adjusted Purchase Index both decreased 1% from one week earlier. On an unadjusted basis, purchase apps were down 2% from the previous week and but up 20% over the same week one year ago.
Refinance applications increased to 59.7% of all submissions, up from 59.5%. But the Federal Housing Administration-insured share of total applications dropped to 13.2% from 13.7%. Meanwhile, the share of adjustable-rate mortgage apps inched up to 6.7%, from 6.6% a week earlier.
Interest rates increased across the board for the mortgage instruments tracked by MBA. Average contract rates for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased 3 basis points to 4.01%. For 30-year FRMs with jumbo loan balances, the figure rose 2 basis points to 3.90%.
For 30-year FRMs insured by the FHA, the average rate crept up 1 basis point to 3.81%. For 15-year FRMs, it grew 2 basis points to 3.24%.
