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2026-11-04 20:46:25
[US Mortgage Rates Fall for Third Consecutive Week, Home Loan Applications Still Decline] ⑴ US mortgage rates fell for the third consecutive week, but home loan application activity declined, indicating that borrowing costs remain too high for many potential homebuyers. ⑵ Data from the Mortgage Bankers Association on Wednesday showed that the 30-year fixed-rate mortgage contract rate fell 7 basis points to 7.30% in the week ending October 30. ⑶ Despite the decline, rates are still nearly 1 percentage point higher than a year ago and are close to their highest level since 2023. ⑷ The MBA Home Purchase Index, which measures the number of home loan applications, fell 2%, declining in eight of the past nine weeks, and is currently near its lowest level since January 2025. ⑸ Indicators measuring refinancing activity rose only slightly. ⑹ Since mid-September, mortgage rates have risen back above 7%, further weakening the already sluggish US housing market. ⑺ In September, the index measuring pending home sales fell to a record low. ⑻ Since the beginning of 2025, residential construction activity has been a drag on US economic growth in all but one quarter.
