The 30-year fixed-rate mortgage averaged around 6.2 percent, according to Freddie Mac's latest survey of mortgage-lending companies, thrifts and commercial banks. The 30-year average slipped from the prior week and was down from a year earlier. A 2 percent decrease in overall mortgage application volume for the week ending Nov. 2 was triggered by a downturn in refinance requests, as purchase money application activity was virtually unchanged from the prior week, according to the Mortgage Bankers Association's latest application survey, which runs one week behind Freddie's survey.
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