Fewer applications were filed due to the increase in mortgage rates, which hit record highs, according to the Mortgage Bankers Association.
For the week ending November 8, applications fell 1.8% and again by 2.89% the previous week. Refinancing applications decreased 2.3% and 3.9% the week before. Last week, the purchase index dropped by 0.5%; two weeks ago, the index fell by 0.79%.
Bankers cited the rising interest rates as the reason for the decline in mortgage applications. The MBA reported that the average rate of a 30-year fixed-rate for conforming loan balances below $417,000 jumped to 4.44%, a one-month high, from 4.32% a week earlier. Rates on 30-year fixed-rate jumbo loans above $417,000 rose to 4.48%, when last month the rate was 4.37%. That was also the highest in a month.