Mortgage applications fell 5.0% in the week ended November 2, as the refinance index declined 5% and the purchase index fell the same amount, according to the Mortgage Bankers Association’s weekly mortgage applications survey.
“Last week’s storm had a significant impact on application volumes on the East Coast,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Applications fell more than 60 percent compared to the prior week in New Jersey, almost 50 percent in New York and nearly 40 percent in Connecticut. Other East Coast states also saw declines over the week, while many states in other parts of the country had increases in application volumes.”
Refinances remained 80% of the market, while adjustable-rate mortgages held at 4%. HARP applications were 27% of refinances, up from 25% the prior week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) fell to 3.61% from 3.65%, while the average 15-year fixed-rate mortgages stayed at 2.95%.