Mortgage interest rates continue to decline in the United States.

The Mortgage Banks Association (MBA) has shared mortgage data for the week ending on August 30.

According to this, mortgage applications recorded a 1.6% increase compared to the previous week.

During this period, applications for home purchases increased by 3%, while refinancing applications decreased by 0.3%.

The average interest rate for a 30-year mortgage in the country decreased from 6.44% to 6.43% last week, marking the fifth consecutive week of decline.

Meanwhile, the average interest rate for a 15-year mortgage increased from 5.88% to 5.98% during the same period.

Joel Kan, the MBA Vice President and Associate Chief Economist, stated that the increasing home purchase applications are approaching last year's levels.

Kan also reported that the share of refinancing in mortgage applications reached an average of around 46% in August, which is the highest monthly average since March 2022.