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According to Mortgage Bankers Association (MBA) data, mortgage applications increased by 0.6 percent in the week ending October 6 compared to the previous week.

In the said period, applications for home purchase and refinancing applications increased by 1 percent and 0.3 percent, respectively.

The average interest rate for a 30-year mortgage in the country increased from 7.53 percent to 7.67 percent, carrying its rise to the 5th week.

In the same period, the average interest rate for a 15-year mortgage increased from 6.86 percent to 6.97 percent.

In his assessment of the data, MBA Vice President Joel Kan stated that the average interest rate for a 30-year mortgage is at the highest level since 2000 and increased by 40 basis points compared to a month ago.

Noting that mortgage applications are still stagnant and hovering near the lowest levels of recent years, Kan said that purchase applications are almost 20 percent behind last year.

Kan reported that refinancing applications also continued to be limited and the average loan size fell to its lowest level since 2017.