Mortgage application activity was essentially flat at +0.2% in the week ending Oct. 28, said the Mortgage Bankers Association (MBA).

The Refinance Index slipped 0.2% to 3539 with refinancing share as a percent of total applications also little changed at 77.1% from 77.3% previously.

The limited response was due to rates holding fairly steady at 4.31%, down two basis points over the week for 30-year fixed rate conforming loans. Meanwhile, the Purchase Index rose 1.8% to 174.8.

For the month of October, the Refinance Index averaged 7.9% lower than September's average as mortgage rates held steady at an average of 4.07% compared to 4.08% previously.

This, along with an unchanged number of collection days in November, indicates a muted prepayment report for November, which will be released in December. At this time, speeds are projected to increase less than 5%.

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