US Mortgage Rates Decrease for 3rd Week

The average rate on a 30-year fixed mortgage in the US fell to 7.3% in the week ending October 30, marking a third consecutive weekly decline and providing further relief to prospective homebuyers and homeowners considering refinancing, according to the Mortgage Bankers Association. The decline in borrowing costs tracked a fall in Treasury yields. However, the easing in interest rates did not lift overall mortgage application volume that fell by 1.2% from the previous week. Applications to purchase a home declined 2% while those to refinance existing loans edged up 0.1%.

The average rate on a 30-year fixed mortgage in the US fell to 7.37% in the week ending October 23, marking a second consecutive weekly decline and providing some relief to prospective homebuyers and homeowners considering refinancing. The easing in borrowing costs helped lift overall mortgage application volume by 3.4% from the previous week, according to the Mortgage Bankers Association. Applications to refinance existing loans increased 3%, while applications for home purchases rose 4%. However, mortgage costs remain elevated compared with historical levels, with rates still more than one percentage point above those recorded during the same period last year. Many existing homeowners also continue to benefit from significantly lower rates secured before the recent rise in borrowing costs, limiting the incentive to refinance. Meanwhile, rising home prices continue to challenge affordability, meaning that the recent decline in mortgage rates may offer only modest relief to buyers.

The average 30-year fixed mortgage rate fell by 9 basis points to 7.41% in the week ended October 16, 2026, according to the Mortgage Bankers Association. This marked the first decline in borrowing costs in 11 weeks, following eight consecutive weeks of increases, as Treasury yields fell amid a flight to safety and growing expectations that the Federal Reserve would leave interest rates unchanged this month. Meanwhile, total mortgage applications dropped 5.3%, extending their decline to a seventh consecutive week. Refinancing applications fell by 2%, while applications for home purchases tumbled 7.3%.