Mortgage applications fell 3.2% for the week ending November 9, 2018, according to new data from the Mortgage Bankers Association's weekly Mortgage Applications Survey.

“Recent volatility in the financial markets and increasing rates continue to adversely impact mortgage application activity, even as the general economic outlook remains positive,” MBA Director of Economic and Industry Forecasts Joel Kan said.

On an unadjusted basis, the Mortgage Composite index declined 5% from the previous week.

The Refinance Index retreated 4.3% from the previous week, reaching its lowest level since December 2000. The unadjusted Purchase Index dropped 5% from last week and was 3% below the same week in 2017.

The seasonally adjusted Purchase Index reached its lowest level since February 2017, declining 2.3% from one week prior.

“Both home purchase and mortgage refinance applications decreased over the week, driven largely by declines in conventional applications,” Kan continued. “Mortgage rates increased over the week for most loan types, with the 30-year fixed rate mortgage increasing to 5.17% – the highest level since 2010.”

The refinance share of mortgage activity rose to 39.4% of total applications, up from 39.1% the week before. The adjustable-rate mortgage share of activity decreased to 7.7% of total applications.

The Federal Housing Administration share of mortgage apps increased from last week’s 10.1% to 10.6%, and the Veterans Affairs' share of applications held its ground at 10.1% from the previous week.

The Department of Agriculture share of total applications didn’t budge, remaining 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) moderately increased to 5.17% from 5.15% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) slightly increased from 4.97% last week to 4.98% this week.

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

The average contract interest rate for 15-year fixed-rate mortgages moved forward to 4.57% from 4.55% this week.

The average contract interest rate for 5/1 ARMs climbed, reaching 4.45%, up from 4.36% last week.