Mortgage Applications Rise 3.4 Percent as the 30-Year Rate Falls to 7.37 Percent and the ARM Share Hits 11.3 Percent
Mortgage applications increased 3.4 percent from one week earlier on a seasonally adjusted basis in the week ending October 23, 2026, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey released on October 28. The unadjusted index rose 3 percent.
The Refinance Index increased 3 percent from the previous week but was 61 percent lower than the same week a year ago. The seasonally adjusted Purchase Index increased 4 percent, while the unadjusted Purchase Index was 18 percent lower than a year earlier. The refinance share of applications eased to 38.9 percent from 39.0 percent.
The average contract rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 7.37 percent from 7.41 percent, the lowest in three weeks, with points rising to 0.76 from 0.75. The jumbo 30-year rate fell to 7.28 percent from 7.33 percent, the FHA-backed 30-year rate to 7.12 percent from 7.13 percent, the 15-year fixed rate to 6.70 percent from 6.73 percent, and the 5/1 ARM rate to 6.41 percent from 6.46 percent.
Joel Kan, MBA's Vice President and Deputy Chief Economist, said rates declined for a second straight week and gave borrowers some relief, with applications rebounding particularly among conventional loans, but that rates remain more than a percentage point above a year ago and most homeowners still hold rates well below prevailing levels, leaving refinance activity down more than 60 percent year over year.
The adjustable-rate mortgage (ARM) share of applications rose to 11.3 percent, the highest level in more than a year, as more borrowers turned to ARMs to lower monthly payments. The FHA share rose to 16.6 percent from 16.3 percent, and the VA share fell to 11.0 percent from 11.5 percent. The survey, conducted weekly since 1990, covers closed-end residential applications originated through retail and consumer direct channels.
MBA Weekly Mortgage Applications Survey release
Source: GSM · USA (original Chinese edition)
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