In the US, the average interest rate for a mortgage reached its highest level since August last week, climbing to 6.52%. During the same week, mortgage applications decreased by 17%. The Mortgage Bankers Association (MBA) released data on mortgages for the week ending October 11th, revealing a 17% drop in applications compared to the previous week. Purchase applications for housing decreased by 7%, while refinancing applications dropped by 26% during this period. The average interest rate for a 30-year mortgage in the country rose from 6.36% to 6.52% last week. Similarly, the average interest rate for a 15-year mortgage also increased from 5.71% to 5.94% during the same period. Joel Kan, the MBA’s Vice President, stated that mortgage interest rates have been rising for the third consecutive week and the average interest rate for a 30-year mortgage has reached its highest level since August. Kan highlighted that the recent increase in mortgage interest rates has adversely impacted applications but mentioned that there is still some demand among first-time homebuyers due to improved housing inventory conditions, leading some of them to stay in the market.