Mortgage applications dropped 10.8% for the week ending Nov. 1 from one week earlier, according to data from the Mortgage Bankers Association (MBA). The association conducts a weekly survey to create the Market Composite Index,  a measure of mortgage loan application volume.

The 30-year fixed rate reached 6.81% last week, the highest level since July, which put pressure on potential homebuyers, said Joel Kan, MBA’s vice president and deputy chief economist, in a statement.

“Applications decreased for the sixth consecutive week, with purchase activity falling to its lowest level since mid-August and refinance activity declining to the lowest level since May,” Kan said. “The average loan size on a refinance application dropped below $300,000, as borrowers with larger loans tend to be more sensitive to any given changes in mortgage rates.”

The Refinance Index decreased 19% from the previous week although it was 48% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 5% from one week earlier. The unadjusted Purchase Index decreased 7% compared with the previous week and was 2% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 39.9% of total applications from 43.1% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7% of total applications.

For more information, visit www.mba.org/weeklyapps.