According to the Mortgage Bankers Association, the number of mortgage applications filed declined last week.
The MBA’s Weekly Mortgage Applications Survey – which measures mortgage loan application volume – revealed a 10 percent dip, while refinancing fell 12.2 percent. In addition, the report’s purchase index declined 2.3 percent.
Refinancing, which makes up the majority of mortgage application activity, fell to 77.3 percent of total application, compared to 78.6 percent in the prior week. However, the number of adjustable rate mortgages made up 6.1 percent of total activity, a 0.3 percentage point increase.
During the week, the average mortgage rate for a 30-year fixed-rate mortgage with a conforming loan limit of $417,500 or less rose to 4.23 percent, up from 4.22 percent, while the 30-year FRM with a loan limit greater than $417,500 fell to 4.56 percent.
The report also showed that in October, over half of mortgage applications among refinancing borrowers were for 30-year fixed-rate mortgages. About 29 percent were for 15-year FRMs, and only 6 percent were for adjustable-rate mortgages.
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