Mortgage applications spiraled down for the week ending Nov. 1, decreasing 7% from a week earlier, the Mortgage Bankers Association said Wednesday.

The refinance index slid 8%, while the purchase index dropped 5% as refinance applications ticked up.  

The refinance share of mortgage activity declined to 66% of total applications, slightly down from 67% the previous week.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dropped to 4.32% from 4.33%.  

Meanwhile, the 30-year, FRM jumbo rose to 4.37% from 4.46%.

The average 30-year, FRM backed by the FHA grew to 4.07% from 4.06%, and the 15-year, FRM increased to 3.44% from 3.42%.

In addition, the 5/1 ARM tumbled to 3.08%, compared to 3.17% a week prior.