Mortgage applications dropped 1.3% from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 6, 2015.
The refinance index decreased 2% from the previous week, as the seasonally adjusted purchase index increased 0.1% from one week earlier.
As a whole, the refinance share of mortgage activity increased to 59.8% of total applications from 59.7% the previous week, while the adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications.
The Federal Housing Administration share of total applications increased to 14.1% from 13.2% the week prior. The Veterans Affairs share of total applications decreased to 10.9% from 11.9% the week prior. The Department of Agriculture's share of total applications remained unchanged from 0.7% the week prior.
All mortgage rates reached new highs for the week, according to the survey.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.12%, its highest level since August 2015, compared to 4.01%.
The average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.04%, its highest level since September 2015, up from 3.90%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.87%, its highest level since September 2015, from 3.81%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.35%, its highest level since August 2015, compared to 3.24%.
The average contract interest rate for 5/1 ARMs increased to 3.22%, its highest level since February 2015, from 3.12%.
For added perspective on the status of the housing market, according to the latest data from a la mode, inc., appraisal volume marginally declined the first week of November, falling 0.5%.