Mortgage application volume fell 3.5% on a seasonally adjusted basis for the week ending Oct. 23, compared to the previous week, according to the Mortgage Bankers Association.
The prior week's data was adjusted to account for Columbus Day.
Application volume rose 7% on an unadjusted basis, the MBA said in a news release.
Refinance applications as a share of total application activity remained unchanged at 59.5%. Adjustable-rate mortgages, as a share of total volume, fell to 6.6% of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose 3 basis points to 3.98%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances rose 1 basis point to 3.88%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration rose 2 basis points to 3.8%, while the average contract interest rate for 15-year fixed-rate mortgages rose 2 basis points to 3.22%.
