It was a quiet week in the mortgage industry, as mortgage applications remained unchanged from one week earlier, the latest report from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 3 stated.
The Refinance Index decreased 1% from the previous week, while the seasonally adjusted Purchase Index increased 1% from one week earlier.
Edging close to half of all applications, the refinance share of mortgage activity increased to 49% of total applications, up from 48.7% the previous week.
The adjustable-rate mortgage share of activity decreased to 6.6% of total applications.
Meanwhile, the Federal Housing Administration’s share of total applications increased to 10.6% from 10.4% the week prior, while the Veterans Affairs’ share of total applications increased to 10.0% from 9.9% the week prior.
The Department of Agriculture’s share of total applications decreased to 0.7% from 0.8% the week prior.
Compared to last week, which posted a lot of record highs, mortgage rates posted little movement.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.18% from 4.22%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.12% from 4.16%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.05% from 4.07%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.51% from 3.52%, while the average contract interest rate for 5/1 ARMs remained unchanged from the week prior at 3.33%.