MBA US Mortgage Applications Fall in Week Ended Oct. 30 Despite Drop in Mortgage Rates

07:09 AM EST, 11/04/2026 (MT Newswires) -- Mortgage applications fell by 1.2% in the week ended Oct. 30, as a drop in new home applications more than offset a small gain in refinancing activity, according to Mortgage Bankers Association data released Wednesday. This follows a 3.4% increase in overall activity in the week ended Oct. 23. Applications for refinancing loans rose by 0.1%, while new purchase applications fell by a seasonally adjusted 2%. The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 7.30% from 7.37% in the previous week. "Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve's decision to hold on additional rate hikes at its October meeting," said Mike Fratantoni, MBA's senior vice president and chief economist. "While the 30-year rate declined to 7.3%, activity is still quite slow, with purchase application volume down for the week and refinance volume effectively flat at a very low level."