The total mortgage application volume decreased 1.2% from one week earlier for the week ending November 4, 2016, according to the latest weekly report from the Mortgage Bankers Association (MBA).
Purchase loan applications decreased 1% from one week earlier, and are 11% higher than this same week last year.
Refinance applications was down 3% from the previous week to its lowest level since May 2016. The refi share of total mortgage activity was down to 62.3% from 62.7% the previous week.
Adjustable-rate mortgages (ARM) were up by 4.5% of total applications from one week earlier.
Loan applications for FHA loans were increased 11.6% from 11.1% the week prior
VA loan applications were down for the week to 12.3% from 12.4% the week prior.
The USDA share of total applications remained unchanged at 0.7% from the previous week.