Mortgage Applications Fall 4.2% as 30-Year Rate Hits 7.49%
- Mortgage rates reached 7.49% last week, the highest level in almost three years, as Joel Kan, CMB, MBA vice president and deputy chief economist, reported that Treasury rates increased and spreads widened amid volatility.
- Elevated rates and increased market volatility caused purchase activity to decline across all loan types, with Federal Housing Administration purchase applications falling 6% as affordability challenges persist for homebuyers.
- Average contract rates for 30-year fixed-rate FHA mortgages increased to 7.14% from 6.97%, while 15-year fixed-rate mortgages rose to 6.71% from 6.56%; bucking the trend, 5/1 ARMs decreased to 6.43% from 6.47%.
- Refinance applications fell to less than half of last year's pace, with the refinance share of total Mortgage activity decreasing to 37.0% from 38.3%, as borrowers increasingly opt for ARMs at 10.3% share.
- The Xactus Mortgage Intent Index fell approximately 5.7% to 102.7, down roughly 21% from the same week last year, signaling that a near-term rebound in Mortgage intent is unlikely amid seasonal declines and elevated rates.
35 Articles
35 Articles
Mortgage rates in the United States hit their highest level in nearly three years as the average rate on 30-year fixed-rate loans rose to 7.49 percent. The increase was 19 basis points in the week to Oct. 2, data from the Mortgage Bankers Association showed. Higher borrowing costs have led to a further decline in demand. Mortgage applications fell 4.2 percent from the previous week and hit their lowest level since February 2025. Applications hav…
US mortgage rates jump to 7.49%, hit highest level in nearly 3 years
In a notable shift, US mortgage rates have climbed to an alarming 7.49 percent, the peak since November 2023. This increase has further strained the housing market as the election period looms. Mortgage applications saw a 4.2 percent decline last week, reaching their lowest point since February 2025, highlighting ongoing affordability challenges for potential buyers and resulting in fewer refinancing requests amid persistent inflation and econom…
(Seoul = Yonhap News) Reporter Jung Joo-ho = Reuters reported that 30-year mortgage rates have jumped to a three-year high due to rising U.S. Treasury yields...
The average interest rate on mortgage loans in the United States has risen to its highest level in about three years, with the interest rate on United States Treasury bonds rising for 10 years.
U.S. mortgage rates increased for the seventh consecutive week
30-year mortgage rate hits highest mark in nearly 3 years | Honolulu Star-Advertiser
The interest rate on the most common home loan jumped last week to its highest in almost three years, worsening affordability for buyers four weeks before elections that will decide if President Donald Trump’s Republicans keep control of Congress.
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