On an unadjusted basis, the composite index decreased by 3% week-over-week. The seasonally adjusted purchase index increased 3% compared to the week ended October 24. The unadjusted purchase index rose by 1% for the week and remains 13% lower year-over-year.
Adjustable rate mortgage loans accounted for 7.4% of all applications, down from 8.2% in the prior week.
The MBA’s refinance index decreased by 6%, after falling 7% in the previous week. The share of refinancings dropped from 65% to 63%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.13% to 4.17%. The rate for a jumbo 30-year fixed-rate mortgage remained unchanged at 4.13%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.28% to 3.38%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 2.94% to 3.08%. Rates on a 30-year FHA-backed fixed rate loan were unchanged at 3.84%.
Mortgage loan rates, which fell to 4% or below early in October, have moved higher as demand increases and banks take on somewhat riskier borrowers.
ALSO READ: September U.S. Home Prices Rise Most in Michigan and Montana
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