With 30-year mortgage rates moving higher, mortgage applications activity dropped 4.5% last week, according to the Mortgage Bankers Association's (MBA) latest survey.

 

The MBA said today its seasonally adjusted market index fell to 727.3 for the week ended Nov. 5. The MBA's seasonally adjusted index on new refinancing applications fell 6.7% to 2,148.7 from 2,303.9. The purchase index, a gauge of new loan requests for home purchases, declined 2.7% to 483.0 from 496.5 in the prior week.

 

All mortgage rates rose. The average 30-year mortgage rates rose to 5.69%, up from 5.65% a week earlier, the 15-year mortgage rate rose to 5.08% from 4.98%, the 1-year ARM rate climbed to 4.03% from 3.96%.