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MBA Mortgage Applications Slip 2.7% as Rates Continue to Rise
Purchase applications fell 4% as borrowing costs stayed near 7.5%, and adjustable-rate mortgages captured 10.5% of applications, the MBA said.
- Mortgage rates remained at 7.50% for the week ending October 9, the highest level since November 2023, while the Mortgage Bankers Association reported purchase applications fell 4% last week, extending a six-week losing streak.
- Overall application volume fell 2.7% week over week and sits 37.5% below last year's levels per CNBC, as rates have risen nearly a full percentage point since the end of June.
- Adjustable-Rate mortgages captured 10.5% of applications, the highest level since October 2025, as borrowers sought to manage elevated costs. Refinance applications slid 0.4% last week, remaining 56% behind year-ago levels.
- Redfin Corp reported September contract signings tumbled 4% from the prior month, the sharpest drop in over three years. NAR Chief Economist Lawrence Yun noted August and September marked the two slowest months for home sales this year.
- The Mortgage Intent Index remained flat at 102.7 according to Xactus, a stabilization Thomas Lloyd called a "welcome sign" after two weeks of decline. However, the index remains approximately 20% below the same week last year.
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Mortgage demand continues to fall, borrowers rush to adjustable-rate mortgage loans
Mortgage Bankers Association's Composite Index dropped 2.7% to 199.2 during the week ended October 9, compared to -4.2% to 204.7 seen in the prior week, according to the Weekly Mortgage Applications Survey.
·Ra'anana, Israel
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CryptoTendence U.S. mortgage applications fell 2.7% in a week, while the average fixed rate to 30 years reached 7.5%. U.S. entry: mortgage applications fall 2.7% and the rate to 30 years reaches 7.5% was first published in CryptoTendence.
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