Mortgage applications retreated 4% for the week ending November 2, 2018, according to new data from the Mortgage Bankers Association's weekly Mortgage Applications Survey.

“Rates increased slightly last week, as various job market indicators showed a bounce back in job gains and an acceleration in wage growth in October. The survey’s 30-year fixed-rate, at 5.15%, was the highest since April 2010,” MBA Director of Economic and Industry Forecasts Joel Kan said 

On an unadjusted basis, the Mortgage Composite index retreated 4% from the previous week.

The Refinance Index fell 3% from the previous week, and the unadjusted Purchase Index decreased 1% from last week and was 0.2% below the same week in 2017.

The seasonally adjusted Purchase Index reached its lowest level since November 2016, falling 5% from one week prior.

“Application activity decreased over the week for both purchase and refinance applications, with the overall market index down to its lowest level since December 2014,” Kan continued. “The purchase index declined to its lowest level since November 2016 but remained only slightly below the same week a year ago. It’s evident that housing inventory shortages continue to impact prospective homebuyers this fall.”

The refinance share of mortgage activity declined to 39.1% of total applications, down from 39.4% the week before. The adjustable-rate mortgage share of activity reached 7.8% of total applications.

The Federal Housing Administration share of mortgage apps fell from last week’s 10.3% to 10.1%, and the Veterans Affairs' share of applications rose to 10.1% from 9.8% last week.

The Department of Agriculture share of total applications held its ground at 0.7% from the prior week.

The MBA reported that mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) climbed to 5.15% from 5.11% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.94% last week to 4.97% this week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA moved forward from 5.08% last week to 5.15% this week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.55% this week.

The average contract interest rate for 5/1 ARMs inched forward, reaching 4.36%, up from 4.33% last week.

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