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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.

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“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.

United States Mortgage Application
United States Mortgage Rates

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