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2026-11-04 21:16:26
[US Mortgage Applications Fall 1.2%, Lower Interest Rates Fails to Boost Demand] ⑴ US mortgage applications fell 1.2% in the week ending October 30, after rising 3.4% the previous week, despite a slight decline in borrowing costs. ⑵ The average interest rate on 30-year fixed-rate mortgages (with loan balance caps) fell to 7.3% from 7.37%, the lowest level since September 2026, after the Federal Reserve decided to keep interest rates unchanged in October. ⑶ However, the lower interest rates failed to boost demand, with home purchase applications falling 2% from the previous week. Refinancing activity was largely flat, rising only 0.1%. ⑷ Meanwhile, borrowers continued to turn to adjustable-rate mortgages (ARMs) for lower initial payments. The average interest rate on ARMs fell to 6.29% from 6.41%, and the proportion of such loan applications rose to its highest level since September 2025.
