Mortgage Applications up 0.02%, Rates up .04%

Washington, D.C. – Mortgage applications in the United States increased by 0.2 percent in the week ending October 8th, reversing a 6.9 percent decline the previous week, the largest drop in three months, according to Mortgage Bankers Association data.

Applications to purchase a home increased by 1.5 percent, while refinance applications decreased by 0.5 percent.

The average fixed 30-year mortgage rate increased to 3.18 percent this week, the highest level since late June, and up from 3.14 percent last week.

“We continue to anticipate a decline in refinance activity as rates rise and borrowers see less of a rate incentive,” said MBA economist Joel Kan.

In the week ending October 8, 2021, fixed 30-year mortgage rates in the United States averaged 3.18 percent, up from 3.14 percent the previous week and the highest rate since late June.