Mortgage Applications Fall 1.2% Even as Rates Hit Lowest Level Since September
Interest rates have fallen for weeks, but American homebuyers are not rushing in. The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, released Nov. 4, showed total applications down 1.2 percent on a seasonally adjusted basis for the week ending Oct. 30, 2026. Purchase applications fell 2 percent and stood 19 percent below the same week a year earlier. Refinance applications inched up 0.1 percent but remained 60 percent lower than a year ago.
The same week, the average contract rate for 30-year fixed mortgages with conforming loan balances eased to 7.30 percent from 7.37 percent, its lowest level since September. '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 senior vice president 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.'
One shift stands out in the loan mix: adjustable-rate mortgages rose to 11.4 percent of all applications, the highest share since September 2025, with the average 5/1 ARM at 6.29 percent, a full 1.01 percentage points below the 30-year fixed. More buyers are choosing cheaper adjustable products over locking in above 7 percent for three decades. The refinance share of total activity rose to 39.8 percent.
The MBA survey, conducted weekly since 1990, covers U.S. closed-end residential mortgage applications through retail and consumer direct channels. Falling rates alongside falling applications underline that high prices and thin inventory, not just borrowing costs, are holding back this autumn's housing market. (Source: Mortgage Bankers Association)
Source: Mortgage Bankers Association
Published by GSM · USA (original Chinese edition)
Photo: 图：美国郊区住宅航拍（资料图）。CC BY 3.0，经 Wikimedia Commons。 / Photo: An aerial view of suburban homes in the United States (file photo). CC BY 3.0, via Wikimedia Commons.
