Mortgage applications fell 12.0% in the week ended October 19, as refinances dropped 13.0% on an increase in rates and the purchase index declined 8.0%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

Refinances dipped to 81% of market activity from 82% the previous week, while adjustable-rate mortgages grew to 4% of total applications.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.63% from 3.57%, while the average 15-year fixed-rate mortgage climbed to 2.96% from 2.87%.

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