Mortgage applications fall 1.9% in late October

"Mortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week's FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31% and remained close to the lowest level in over a year, said Joel Kan, MBA's vice president and deputy chief economist. Despite a decline last week, refinance applications are still significantly higher than a year ago."

"The refinance share of mortgage activity decreased to 57.0% of total applications from 57.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% of total applications. The Federal Housing Administration (FHA) share of total applications also decreased to 18.5% from 20.5% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications, meanwhile, increased to 14.9% from 13.4% the week prior."

Mortgage rate movements were mixed after the FOMC meeting as Treasury yields rose slightly. The 30-year fixed rate remained mostly unchanged at 6.31%, near the lowest level in over a year. Refinance applications fell last week but stayed substantially higher than a year earlier, with average refinance loan size at a six-week high as borrowers with larger balances pursued lower monthly payments. Purchase applications edged down, while FHA purchase requests ticked up amid affordability pressures. Refinance share slipped to 57.0%; ARM share fell to 8.7%. FHA share declined to 18.5% while VA and USDA shares increased. Conforming and jumbo 30-year rates rose modestly; 15-year and 5/1 ARM rates decreased.

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