Mortgage applications volume fell 1.3 % on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association and reported by CNBC’s Diana Olick.

However, a rise in mortgage interest rates did not affect  mortgage application volume as much as expected.

"Mortgage rates were up for the third-consecutive week as markets responded to a stronger-than-expected job market report for October," said Mike Fratantoni, chief economist for the MBA. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.12 percent, its highest level since August, from 4.01 percent, with points decreasing to 0.45 from 0.47 (including the origination fee) for 80 percent loan-to-value ratio loans.

Read more >