Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 2, 2018.
… The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier to the lowest level since November 2016. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 0.2 percent lower than the same week one year ago. …
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 5.15 percent from 5.11 percent, with points increasing to 0.51 from 0.50 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index since 1990.
Refinance activity will not pick up significantly unless mortgage rates fall 50 bps or more from the recent level.
According to the MBA, purchase activity is down 0.2% year-over-year.