Mortgage applications decreased 4.8% in the week ended Oct. 26, as refinances fell 6% and purchases rose 1%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
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The refinance index is at its lowest level since the end of August. Refinances fell to 80% of total applications from 81% the week before, while adjustable-rate mortgages slipped to 4% of total volume.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.65% from 3.63%, while 15-year fixed-rate mortgage rates dipped to 2.95% from 2.96%.
