Feb. 10 (UPI) -- Mortgage applications in the United States have declined in recent weeks as interests rates have risen, according to an industry report Wednesday.
The Mortgage Bankers Association report says applications declined by about 4% last week.
Interest rates have increased in four of the first six weeks of 2021, the analysis noted. The average rate for a 30-year fixed-rate mortgage of up to $548,000 ticked up to 2.96%.
The MBA said in its report that the rate is 76 basis points higher than it was a year ago.
Despite the rise in rates and decrease in applications, the group said the U.S. housing market is still in good shape.
"Purchase applications cooled the first week of February, but homebuyers are still very active," Joel Kan, MBA associate vice president of economic and industry forecasting, said in a statement.
"The average purchase loan size continued to increase ... as the higher-priced segment of the market continues to perform well."
Refinancings decreased 4% last week, but are still 46% higher year-to-year -- and the total number of U.S. homes listed for sale in January was down 43% over the same period, according to realtor.com.
