Mortgage Applications Fall 1.2% as 30-Year Rate Drops to 7.30%, Lowest Since September: MBA
Mortgage applications in the United States decreased 1.2 percent from one week earlier, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2026, released on November 4. On an unadjusted basis, the Market Composite Index decreased 2 percent. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier, with the unadjusted index down 4 percent and 19 percent lower than the same week one year ago. The Refinance Index increased just 0.1 percent and was 60 percent lower than a year ago.
On rates, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 7.30 percent from 7.37 percent, its lowest level since September 2026, with points decreasing to 0.75 from 0.76. The rate for 30-year fixed-rate mortgages with jumbo loan balances fell to 7.20 percent from 7.28 percent. The FHA-backed 30-year rate decreased to 7.02 percent from 7.12 percent, and the 5/1 ARM rate fell to 6.29 percent from 6.41 percent. The 15-year fixed rate rose to 6.76 percent from 6.70 percent.
The refinance share of mortgage activity increased to 39.8 percent of total applications from 38.9 percent. The adjustable-rate mortgage (ARM) share rose to 11.4 percent, its highest level since September 2025. The FHA share decreased to 16.0 percent from 16.6 percent, the VA share increased to 11.2 percent from 11.0 percent, and the USDA share rose to 0.6 percent from 0.5 percent.
"Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve's decision to hold on additional rate hikes at its October meeting," said Mike Fratantoni, MBA's SVP and Chief Economist. "While the 30-year rate declined to 7.3 percent, activity is still quite slow, with purchase application volume down for the week and refinance volume effectively flat at a very low level. As we have highlighted in recent weeks, more borrowers are choosing ARMs in this environment to lower their initial payments, with the ARM share at its highest level since September 2025."
The survey, conducted weekly since 1990, covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions, with a base period of March 16, 1990 = 100.
(Source: Mortgage Bankers Association)
Source: Mortgage Bankers Association
Published by GSM · USA (original Chinese edition)
Photo: 图：内华达州 Las Vegas 郊区住宅区航拍（资料图）。Marek Ślusarczyk（Tupungato）摄，CC BY 3.0，经 Wikimedia Commons。 / Photo: Aerial view of suburban homes in Las Vegas, Nevada, file photo. By Marek Ślusarczyk (Tupungato), CC BY 3.0, via Wikimedia Commons.
