According to Mortgage Banks Association (MBA) data, mortgage applications decreased by 0.1 percent in the week ending November 4, compared to the previous week. Mortgage applications, which slowed down in this period, decreased by 0.5 percent in the previous week.
The average interest rate for 30-year mortgages in the country increased from 7.06 percent to 7.14 percent. Thus, the aforementioned interest rate started to increase again after the decline recorded in the previous week after a 10-week increase. In this period, the average interest rate for a 15-year mortgage increased from 6.37 percent to 6.40 percent.
Upward movement in loan rates
Mortgage rates rose last week after the Federal Reserve signaled that it would continue to raise interest rates to combat high inflation, said Joel Kan, MBA Vice President of Economics and Industry Forecast. Kan noted that the average interest rate for 30-year mortgages remained above 7 percent for the third week in a row, with increases in most other types of loans.