Mortgage applications fall as rates slightly increase

Mortgage applications decreased slightly last week as loan rates tick up. 

Applications fell 0.9 percent while the refinance index decreased 2 percent for the week ending Nov. 7,  the Mortgage Bankers Association said Wednesday.  

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The purchase index increased 1 percent.

Meanwhile, the refinance share of mortgage activity remained unchanged at 63 percent of total applications from the previous week.  

The adjustable-rate mortgage (ARM) share of activity decreased to 7.1 percent of total applications, the lowest level since January.

The FHA share of total applications increased to 9.6 percent from 9.5.  

Interest rates on mortgages had fallen through January but have recently risen amid increasing 10-year Treasury yields, which track with loan rates.

The average interest rate for 30-year fixed-rate mortgages on loans $417,000 or less increased to 4.19 percent from 4.17.

The rate for 30-year fixed-rate mortgages with balances greater than $417,000 was unchanged at 4.13 percent.

Rates for 15-year-loans also stayed the same at 3.38 percent.