Oct. 28 (UPI) -- Mortgage applications in the United States have leveled off, according to new data Wednesday, signaling that the surge in activity over the summer may have peaked.
The Mortgage Bankers Association said in its weekly report that the number of applications last week were effectively unchanged, up just 0.2%.
The rise was aided by refinancing applications, which increased nearly 2%. Refinancings were helped by a small decline in mortgage rates, which remain at historic lows.
The average rate for 30-year fixed-rate mortgages fell slightly to 3.02%.
"These results highlight just how strong the upper end of the market is right now, with outsized growth rates in the higher loan size categories," Joel Kan, MBA associate vice president of economic and industry forecasting, said in a statement.
"Furthermore, housing inventory shortages have pushed national home prices considerably higher on an annual basis."
Low mortgage rates over the past year have encouraged U.S. homeowners to refinance and persuaded many potential buyers enter the market to take advantage of the savings.