Mortgage Application Volume Settles, Rates Move Slightly Higher

After gyrating violently for the last several weeks as new disclosure rules are put in place, mortgage application volume settled down in the October 23 week. Purchase applications slipped 3.0 percent in the week with refinancing applications down 4.0 percent. Rates moved slightly higher in the week but remain low with 30-year fixed mortgages for conforming loan balances ($417,000 or less) up 3 basis points to an average 3.98 percent.