Mortgage applications fell 2.2% in the week ended Nov. 16, as the refinance index dropped 3% and the purchase index rose 3%, according to data from the Mortgage Bankers Association's weekly mortgage applications.

The number were adjusted for the Veteran's Day holiday.

Refinances still accounted for 81% of applications, while the adjustable-rate mortgage (ARM) share of activity grew to 4% of applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) climbed to 3.54% from 3.52%, while the average 15-year fixed-rate mortgage inched up to 2.89% from 2.88%.

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