The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 2.6% in the group’s seasonally adjusted composite index for the week ending October 31. That followed a drop of 6.6% for the previous week. Mortgage loan rates rose during the week on three types of loans and remained unchanged on two others.

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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