The Market Composite Index, which measures mortgage loan application volume, fell from 476.7 to 379.9 in the week ending Oct. 31, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also decreased, down 27.8 percent to 1,075.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages increased from 6.26 percent to 6.47 percent with points rising from 1.1 to 1.19, the organization said.

Rates for the average 15-year, fixed-rate mortgage increased slightly from 6.01 percent to 6.14 percent. Points in 15-year, fixed-rate mortgages rose from 1.15 to 1.22.

The average interest rate for one-year adjustable rate mortgages fell from 6.9 percent with an average 0.21 points to 6.86 percent with 0.42 points, the report said.