The MBA’s Market Composite Index was unchanged on a seasonally adjusted basis and fell 1% on an unadjusted basis. The Refinance Index slipped 1% compared to the previous period. The Purchase Index rose 1% on a seasonally adjusted basis but fell 2% on an unadjusted basis. Compared to the same week last year, the unadjusted Purchase Index was 9% higher.
The refinance share of total mortgage activity increased to 49% from 48.7% in the prior period. Applications for adjustable-rate mortgages accounted for 6.6% of total activity, a decline from its share in the prior period.
share of total applications increased to 10.6% from 10.4%, while applications for VA
mortgages accounted for 10%, up from the 9.9% share. USDA applications accounted for 0.7% of all mortgage activity, a decrease from the previous 0.8% share.
Average contract interest rates decreased for most mortgage types over the same period.
The 30-year fixed-rate mortgage with conforming loan balances recorded an average rate of 4.18%, down from 4.22%, with points decreasing to 0.38 from 0.43, including the origination fee, for 80% loan-to-value ratio (LTV) loans.
Rates for the 30-year fixed-rate mortgage with jumbo loan balances fell to 4.12% from 4.16%, with points decreasing to 0.24 from 0.27 for 80% LTV loans.
The average rate for 30-year fixed-rate mortgages backed by the FHA slipped to 4.05% from 4.07%, with points decreasing to 0.43 from 0.46 for 80% LTV loans. The 15-year fixed-rate mortgage had an average rate of 3.51%, down from 3.52%, with points remaining unchanged at 0.44 for 80% LTV loans.
The average rate was unchanged for 5/1 ARMs at 3.33%, with points increasing to 0.59 from 0.50 for 80% LTV loans.
Mortgage apps decline as interest rates surge
Refi apps recover share as overall activity declines
A measure of mortgage loan application volume was relatively stable for the week ending Nov. 3 compared to the prior period, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.