According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications decreased 0.8% week-over-week for the week ending October 30.
The purchase index, meanwhile, decreased 2% week-over-week. However, it was 20% higher than the same week one year ago.
Refinance activity increased to 59.7% of total applications from 59.5% the prior week.
Rates also showed weekly increases.
The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances increased to 4.01% from 3.98% the week prior.
The average 30-year fixed jumbo loan increased to 3.9% from 3.88%.
Applications for mortgages are down on a week-over-week basis, according to statistics released Wednesday morning.