Mortgage application volume decreased about 2.3% the week ending Nov. 15, as rates continued to rise for the third straight week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, which covers about 75% of all mortgage activity.
The MBA notes that the results of the survey have been adjusted to account for the Veterans Day holiday. On an unadjusted basis, volume decreased 13% compared with the previous week.
Refinancing volume fell 7% on the higher interest rates. The refinance share of mortgage activity decreased to 64% of total applications, from 66% the week prior.
The seasonally adjusted Purchase Index, which forecasts incoming application volume, increased 6% from one week earlier, on an adjusted basis.
The average interest rate for a 30-year fixed-rate mortgage with conforming loan balance ($417,000 or less) was 4.46%, up from 4.44% the week prior. The average interest rate for a 30-year fixed-rate mortgage with jumbo loan balance (greater than $417,000) fell to 4.47% from 4.48%, according to the report.
The average interest rate for a 5/1 adjustable-rate mortgage (ARM) increased to 3.12% from 3.11%. The share of ARM activity remained unchanged at 7%.