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Mortgage applications in the US have decreased.
According to veri from the Mortgage Banks Association (MBA), mortgage applications fell 1.7% in the week ending October 21 compared to the previous week.
The average interest rate for a 30-year mortgage in the country has increased from 6.94% to 7.16%. Therefore, the aforementioned interest rate has risen to its highest level since 2001.
Over the same period, the average interest rate for a 15-year mortgage increased from 6.09 percent to 6.39 percent.
Joel Kan, the MBA’s Vice President of Economics and Industry Forecast, said mortgage interest rates are on the rise for the tenth week.
Pointing out that the upward trend in mortgage rates continues to suppress mortgage applications, Kan noted that mortgage applications continue to follow the lowest pace since 1997.